SBI card Q4 profit falls 66% to Rs. 83.54 Cr

Today on May 8th 2020, SBI Cards has declared its results for Q4. Net Profit of SBI Card in Quarter ending 31st march fell to Rs. 83.54 Cr vs Rs. 249 Cr a year ago. The main reason is specific covid-19 related provision of Rs. 489 Cr.

Total revenue from operations saw a jump of 21% to Rs. 2,510 Cr vs Rs. 2,076 Cr in same qtr last year.

Gross NPA stood at 2.01% vs 2.44% YoY, while the provision coverage ratio stood at 67.20% vs 66.48% YoY.

The board has also approved dividend of Rs. 1 per equity share.

“The COVID-19 global pandemic has given rise to unprecedented challenges in the economic situation. The Government of India mandated a nation-wide “Lockdown” from March 25, 2020. To ease the financial burden, the RBI allowed institutions to extend a payment moratorium from March 01, 2020 to May 31, 2020 for its customers. SBI Card has also complied with RBI guidelines on the same,” SBI Card said in a statement.

SBI Card closed to Rs. 561.95 down 2.18% on NSE today.

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