Friday, 28 October 2022

SBI Card PAT Grows 52% YoY to ₹526 Cr in Q2 FY23 Vs ₹345 Cr for Q2 FY22

 SBI Cards and Payment Services Limited

Financial Results for the Quarter and Half Year Ended September 30, 2022 

Kolkata, 27 October 2022: The Board of Directors of SBI Cards and Payment Services Limited approved the Company’s results for the quarter and half year ended September 30, 2022, at their meeting held on Thursday, October 27, 2022.

Performance Highlights Q2 FY23 

  • Total Revenue increases 28% YoY to ₹3,453 Cr 
  • ROAA at 5.4% for Q2 FY23 vs. 4.9% for Q2 FY22 
  • ROAE at 24.1% for Q2 FY23 vs.  20.1% for Q2 FY22 
  • Capital Adequacy Ratio at 23.2%; Tier 1 at 20.2% 

Key Metrics 

  • New accounts volume at 1,295K accounts for Q2 FY23 up by 36% vs. 953K accounts for Q2 FY22 
  • Cards-In-Force grew by 18% to 1.48 Cr as of Q2 FY23 vs 1.25 Cr as of Q2 FY22 
  • Spends grew by 43% at ₹62,306 Cr for Q2 FY23 vs ₹43,560 Cr for Q2 FY22 
  • Market share H1 FY23 (available till Sep’22) – Cards-In-Force at 19.1% (FY22: 18.7%). Spends at 18.0% for H1 FY23 (FY22: 19.2%)  
  • Receivables grew by 41% to ₹37,730 Cr as of Q2 FY23 vs ₹26,741 Cr as of Q2 FY22 
  • GNPA at 2.14% as of Q2 FY23 vs 3.36% as of Q2 FY22; NNPA at 0.78% as of Q2 FY23 vs 0.91% as of Q2 FY22 

 

Profit & Loss Account for the Quarter ended September 30, 2022 

  • Total income at ₹3,453 Cr for Q2 FY23 vs ₹2,696 Cr for Q2 FY22. This movement was a result of the following key factors: 
    • Interest income increased by ₹311 Cr to ₹1,484 Cr for Q2 FY23 vs ₹1,173 Cr for Q2 FY22 
    • Income from fees and services increased by ₹367 Cr to ₹1,611 Cr for Q2 FY23 vs ₹ 1,244 Cr for Q2 FY22 
    • Other income increased by ₹37 Cr to ₹156 Cr for Q2 FY23 vs ₹119 Cr for Q2 FY22. 
  • Finance costs increased by ₹114 Cr to ₹368 Cr for Q2 FY23 from ₹254 Cr for Q2 FY22. 
  • Total Operating cost increased by 33% at ₹1,834 Cr for Q2 FY23 from ₹1,383 Cr for Q2 FY22.  
  • Earnings before credit costs increased by 18% at ₹1,252 Cr for Q2 FY23 vs ₹1,058 Cr for Q2 FY22 
  • Impairment losses & bad debts expenses decreased by 8% at ₹546 Cr for Q2 FY23 vs ₹594 Cr for Q2 FY22 
  • Profit before tax increased by ₹242 Cr or 52% to ₹706 Cr for Q2 FY23 vs ₹464 Cr for Q2 FY22. 
  • Profit after tax increased by ₹181 Cr or 52% to ₹526 Cr for Q2 FY23 vs ₹345 Cr for Q2 FY22.  

Profit & Loss Account for the half year ended September 30, 2022  

  • Total revenue increased by ₹ 1,570 Cr or 31% to ₹ 6,716 Cr for H1 FY23 vs ₹ 5,146 Cr for H1 FY22.  
  • Finance costs increased by ₹ 193 Cr or 40% to ₹ 676 Cr for H1 FY23 from ₹ 483 Cr for H1 FY22.  
  • Total Operating cost at ₹ 3,497 Cr for H1 FY23 from ₹ 2,550 Cr for H1 FY22, increase is primarily due to higher business volumes.  
  • Earnings before credit cost at ₹ 2,543 Cr for H1 FY23 from ₹ 2,114 Cr for H1 FY22.  
  • Impairment losses & bad debts expenses for the period at ₹ 996 Cr for H1 FY23 vs ₹ 1,239 Cr for H1 FY22.  
  • Resultant Profit Before Tax at ₹ 1,547 Cr for H1 FY23 vs ₹874 Cr for H1 FY22.  
  • Profit After Tax increased by ₹ 503 Cr or 77% to ₹ 1,153 Cr for H1 FY23 vs ₹ 650 Cr for H1 FY22. 

Balance Sheet as of September 30, 2022 

  • Total Balance Sheet size as of September 30, 2022 was ₹41,581 Cr as against ₹34,648 Cr as of March 31, 2022. 
  • Total Gross Advances (Credit card receivables) as of September 30, 2022 were ₹37,730 Cr, as against ₹31,281 Cr as of March 31, 2022.  
  • Net worth as of September 30, 2022 was ₹8,991 Cr as against ₹7,824 Cr as of March 31, 2022. 

Asset Quality 

The Gross non-performing assets were at 2.14% of gross advances as on September 30, 2022 as against 3.36% as on September 30, 2021. Net non-performing assets were at 0.78% as against 0.91% as on September 30, 2021.  

Capital Adequacy 

 

As per the capital adequacy norms issued by the RBI, Company’s capital to risk ratio consisting of tier I and tier II capital should not be less than 15% of its aggregate risk weighted assets on - balance sheet and of risk adjusted value of off-balance sheet items. As of September 30, 2022, Company’s CRAR was 23.2% compared to 25.0% as of September 30, 2021. 

The tier I capital in respect of an NBFC-ND-SI, at any point of time, cannot be less than 10%. Company’s Tier I capital was 20.2% as of September 30, 2022 compared to 21.8% as of September 30, 2021. 

Rating 

 

CRISIL Long Term          -              AAA/Stable 

CRISIL Short Term        -              A1+ 

ICRA Long Term            -              AAA/Stable 

ICRA Short Term           -              A1+ 

 

Summary Profit and Loss Statement (Rs Cr) 

 

Description 

 Q2 FY22  

 Q1 FY23  

 Q2 FY23  

 QoQ  

 YoY  

Interest Income 

         1,173  

         1,387  

         1,484  

7% 

27% 

Others  

         1,403  

         1,713  

         1,813  

6% 

29% 

Total Revenue from operations 

         2,576  

         3,100  

         3,297  

6% 

28% 

Total Other Income 

            119  

            163  

            156  

-4% 

31% 

Total Income 

         2,695  

         3,263  

         3,453  

6% 

28% 

Finance costs 

            254  

            308  

            368  

19% 

45% 

Operating Costs 

         1,383  

         1,663  

         1,834  

10% 

33% 

Earnings before credit costs 

         1,058  

         1,291  

         1,252  

-3% 

18% 

Impairment losses & bad debts 

            594  

            450  

            546  

21% 

-8% 

Profit before tax 

            464  

            841  

            706  

-16% 

52% 

Profit after tax 

            345  

            627  

            526  

-16% 

52% 

 

Summary Balance Sheet (Rs Cr) 

 

Description 

Mar'22 

Sep'22 

Assets 

  

  

Advances (Net) 

30,187 

36,500 

Cash & Bank Balances 

1,106 

1,036 

Investments 

1,297 

1,810 

Other Financial Assets 

382 

494 

Total non-financial Assets 

1,676 

1,742 

Total Assets 

34,648 

41,581 

  

 

 

Liabilities and Equity 

 

 

Total Equity 

7,753 

8,919 

Borrowings 

22,982 

28,186 

Other financial liabilities  

2,700 

3,147 

Total non-financial liabilities  

1,213 

1,329 

Total liabilities and equity 

34,648 

41,581 

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