SBI Card net profit more than doubles to Rs 627 crore in June quarter

SBI Cards and Payment Services’ (SBI Card’s) net profit jumped 106 per cent year-on-year (YoY) to Rs 627 crore in the April–June quarter (first quarter, or Q1) of 2022-23 (FY23), aided by healthy growth in interest income and fall in impairment losses. In the corresponding period a year ago, its net profit was to the tune of Rs 305 crore.
 
Shares of the lender were trading 4.2 per cent higher than the previous day’s close at Rs 926.1.
 
Interest income grew 20 per cent YoY to Rs 1,387 crore in Q1FY23, compared with Rs 1,153 crore in Q1 of 2021-22 (FY22), while fee and commission income jumped 40 per cent YoY to Rs 1,538 crore during the same