How is SBI Card Reports Q4 Results with 11% Profit Growth?
SBI Card, a leading credit card issuer in India, has announced a significant increase in its profits for the fourth quarter of the fiscal year. The company reported a profit surge of 11% to Rs 662 crore, with total revenue also rising by 14% during the same period.
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About SBI Card
SBI Cards and Payment Services Limited is a prominent nonbanking financial company that specializes in issuing credit cards to consumers across India. As a subsidiary of the State Bank of India, the company is headquartered in Gurgaon, Haryana.
SBI Key Financial Highlights from Q4
In the January-March quarter, SBI Card saw a substantial increase in interest income, which surged by 28% to Rs 2,139 crore. Additionally, fees and commission income grew by 6% to Rs 2,209 crore in the same quarter.
For the full fiscal year 2023-24, the company reported a 7% increase in profit after tax (PAT) to Rs 2,408 crore. Total income for the year also rose by 22% to Rs 17,484 crore.
SBI Card’s Market Share Till Dec-23
SBI Card continues to maintain a strong market position, with a Card in Force of 18.9% and spends of 18.3% as of December 2023. The company’s transaction market share stood at 17.1% during the same period.
SBI card New Product Launch
Recently, SBI Card introduced three new variants of its travel-focused credit card, ‘SBI Card MILES,’ offering curated travel benefits to customers. The card is available on both the Mastercard and RuPay networks.
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Overall, SBI Card’s performance in the fourth quarter and throughout the fiscal year demonstrates its resilience and growth in the competitive credit card market in India.
