SBI Card PAT grows 110 pc to Rs 175 crore in Q4

SBI Cards and Payment Services Ltd on Monday reported a profit after tax of Rs 175 crore in the January to March quarter, up 110 per cent from Rs 84 crore in the corresponding period of previous fiscal.

The return on average assets came at 2.6 per cent in Q4 FY21 versus 1.3 per cent while the return on average equity was at 11.2 per cent versus 6.5 per cent in Q4 FY20, the company said in a statement.

The capital adequacy ratio was 24.8 per cent (Q4 FY20: 22.4 per cent). As per capital adequacy norms, the company's capital to risk ratio consisting of tier one and tier two capital should not be less than 15 per cent of its aggregate risk weighted assets on balance sheet and of risk adjusted value of off-balance sheet items.

However, SBI Cards total income at fell to Rs 2,468 crore from Rs 2,510 crore. Asset quality too deteriorated with gross non-performing assets at 4.99 cent of gross advances as against 2.01 per cent in Q4 FY20.

For the financial year ended March 31, total income was at Rs 9,714 crore for FY21 vs Rs 9,752 crore for FY20. The profit after tax came at Rs 985 crore for FY21 versus Rs 1,245 crore in the previous fiscal.

The total balance sheet size as of March 31, 2021 was Rs 27,013 crore as against Rs 25,307 crore as on same date of last year.

( With inputs from ANI )