SBI Cards net profit rises 14% to 609cr this quarter
Business
SBI Cards just wrapped up a strong year, with net profit jumping 14% in the latest quarter to ₹609 crore.
Total income and revenue from operations also saw steady growth, showing higher card usage, with total spends and card-in-force both rising.
SBI Cards total spends surge 31%
Looking at the whole year, profits rose 13% to ₹2,167 crore and total income was up 11%.
Even with higher operating costs, SBI Cards managed to cut finance costs by 10% in the December-March quarter.
The company's asset quality improved too: bad loans dropped to 2.41%, while cardholders grew by 6% and total card spends soared by 31% to ₹1.15 lakh crore.
All in all, it's been a solid year for SBI Cards and its users.