'SBI Cards and Payment Services has posted flat net profit at Rs 594.45 crore in the
quarter ended June 2024 (Q1FY2025).
The income from operations increased 11% to Rs 4358.64 crore
for Q1FY2025, while other income of the company fell 8% to Rs 123.95 crore. The
total income increased 11% to Rs 4482.59 crore for Q1FY2025.
Interest expenses increased 34% to Rs 766.83 crore. Operating
expenses declined 8% to Rs 1766.59 crore, allowing the operating profits to
improve 25% at Rs 1949.17 crore. The cost-to-income ratio improved to 47.5% in
Q1FY2025 from 55.0% in Q1FY2024.
Depreciation rose 4% to Rs 49.37 crore, while provisions zoomed
53% to Rs 1100.63 crore. Profit before tax was flat yoy basis at Rs 799.17
crore.
Effective tax rate increased to 25.6% in Q1FY2025 from 25.5%
in Q1FY2024. Net Profit of the company, after share in profit of associates and
non-controlling interest, came in flat at Rs 594.45 crore for Q1FY2024.
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