InvestorQ : Why did SBI Cards report such a sharp fall in its net profits for the March quarter?
indhumathi Sayani made post

Why did SBI Cards report such a sharp fall in its net profits for the March quarter?

Answer
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shrinidhi Rajan answered.
4 months ago


SBI Cards and Payment Services reported 67% fall in its Q4 net profit to Rs.83.5 crore compared to Rs.249 crore in the year-ago period. Total revenues for the quarter were up by 21% at Rs.2510 crore. The sharp fall in net profits was largely due to a spike in expenses. Gross NPAs stood at a comfortable 2.01% versus 2.44% in the last year. The company had earlier said that the COVID-19 would create a short term challenge for the company as most of the customers had opted to defer the credit card instalments due to financial constraints.