What was the SBI Cards Net Profit Earned for Q4?
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The Net Profit earned by SBI Cards for Q4FY24 stood at 662 Crore, up 11% YoY
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SBI Cards, as a company, has seen a large amount of growth in Q4FY24. The company saw a total income rise of 14% to ₹4,475 crore in the fourth quarter as against ₹3,917 Crore YoY. Apart from this, SBI cards also saw an interest income growth of 28% to ₹2,139 Crore in Q4 FY24. In addition to this, the fees and commission income increased by 6% to ₹2,209 Crore in the March quarter as expressed by SBI cards in a statement.
Launched in 1998 by the State Bank of India and GE Capital. Incorporated, SBI Card was initially named SBI Cards and Payment Services Private Limited (SBICPSL). The company has its headquarters in Gurgaon, Haryana. It was in August 2019 that the original name changed to SBI Cards and Payments Services Limited. This was possible after both State Bank of India and The Carlyle Group acquired GE Capital`s stake in SBI Card. Then in March 2020, SBI Card became the first pure-play credit card company to list on the stock exchanges in India. Intending to offer its Indian consumers access to a wide variety of world-class payment products and services SBI Cards moved forward. The company has within a short span of 10 months achieved a credit card customer base of 1 lakh.
Explore: Sbi Cards & Pay Ser Ltd Share Price
SBI Cards’s Q4 FY2023-24 results have provided insight into the steady growth of the company. Here are the five key financial highlights of SBI Cards’s Q4 results:
Addition Read: 129 Indian Companies to Release Q4 Results
SBI Cards has had a particularly good Q4FY24 this time around. With its net profit at ₹662 Crore, up 11% YoY and total income of ₹4,475 Crores which is up by 14%, the growth is visible in the numbers. In addition to this, the company has also seen an operating profit of ₹1,485.13 Crore in this quarter. With a total revenue rise of 14% to ₹4,475 crore in the fourth quarter as against ₹3917 Crore YoY, the profitability of the company has grown greatly too. To add to these numbers, the company's interest income growth has also seen a growth of 28% to ₹2139 Crore.
Additional Read: Quarterly Results
Source: SBI Cards Press Release
Since March 2020 when SBI Card became the first pure-play credit card company to list on the stock exchanges in India, the company has grown steadily. With the intention of offering its Indian consumers access to a wide variety of world-class payment products and services, SBI Cards continued on this journey. In the fourth quarter of FY24, the company has been able to source 1 million new accounts. With all these numbers and statistics in place, it can be safe to say that the company truly is progressing at a great pace with each quarter.
Additional Read: Annual Results
With its overall growth in Q4FY24 compared to Q3FY24 and the growth the company has achieved in the entirety of the financial year 2024, SBI cards has come a long way. The company has seen a total income growth of 14% and net profit growth of 11% this quarter. And these are just a few metrics. Keeping everything in mind, at the end of the day, SBI Cards truly has proven to be a good investment for its stakeholders.
Results for the Fourth Quarter and Full Year Ended March 31, 2024
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The Net Profit earned by SBI Cards for Q4FY24 stood at 662 Crore, up 11% YoY
In the fourth quarter of FY24, the company has been able to source 1 million new accounts. With all these numbers and statistics in place, the company truly is progressing at a great pace with each quarter.
Apart from achieving growth in its numbers, SBI Cards had some business decisions made as well. Here are some of them:
The company saw continued growth in Retail Spends at 25% and lower corporate spends in Q4 FY’24
SBI cards also saw steady receivables growth, IBNEA stable at 61%
The company saw 77% growth in UPI spends in Q4FY24 vs Q3FY24
Improved cost to income in a non-festive quarter and due to less corporate spends
Launch of Titan SBI card, a lifestyle-focused credit card, with Titan Company Ltd.
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