SBI Cards and Payment Services reported 84 per cent rise in net profit at Rs 386 crore for December quarter 2021-22 on the back of healthy card spends, fall in bad loans and higher income from other sources.
The company said that the total revenues rose 24 per cent to Rs 3,140 crore during the quarter under review as against Rs 2,540 crore in the same period of 2020-21, SBI Card said.
The company witnessed 10 per cent growth in new accounts volume at 10,08,000 as against 9,18,000 in the year-ago quarter, while total gross advances at end of December 2021 stood at Rs 29,129 crore
The company added that receivables rose 13 per cent to Rs 29,129 crore from Rs 25,749 crore in the year-ago period.
(With inputs from PTI)
