The Board of Directors of SBI Cards and Payment Services Limited approved the Company’s results for the Q3 FY23 and 9 months ended December 31, 2022, at their meeting held on Tuesday, January 24, 2023.
Performance Highlights Q3 FY23
Total Revenue increases 16% YoY to Rs 3,656 Cr
ROAA at 4.8% for Q3 FY23 vs 5.0% for Q3 FY22
ROAE at 22.0% for Q3 FY23 vs 21.2% for Q3 FY22
Capital Adequacy Ratio at 23.3%; Tier 1 at 20.6%
Key Metrics
New accounts volume at 1,634K accounts for Q3 FY23 up by 62% vs 1,008K accounts for Q3 FY22.
Card-in-force grew by 21% to 1.59 Cr as of Q3 FY23 vs 1.32 Cr as of Q3 FY22.
Spends grew by 24% at Rs 68,835 Cr for Q3 FY23 vs Rs 55,397 Cr for Q3 FY22.
Market share 9M FY23 (available till Nov’22) – Card-in-force at 19.3% (FY22: 18.7%). Spends at 18.0% (FY22: 19.2%).
Receivables grew by 33% to Rs 38,626 Cr as of Q3 FY23 vs Rs 29,129 Cr as of Q3 FY22.
GNPA at 2.22% as of Q3 FY23 vs 2.40% as of Q3 FY22; NNPA at 0.80% as of Q3 FY23 vs 0.83% as of Q3 FY22.
Profit & Loss Account for the Quarter ended December 31, 2022
Total income at Rs 3,656 Cr for Q3 FY23 vs Rs 3,140 Cr for Q3 FY22. This movement was a result of the following key factors:
Interest income increased by Rs 336 Cr to Rs 1,609 Cr for Q3 FY23 vs Rs 1,273 Cr for Q3 FY22.
Income from fees and services increased by Rs 213 Cr to Rs 1,670 Cr for Q3 FY23 vs Rs 1,457 Cr for Q3 FY22.
Other income decreased by Rs 101 Cr to Rs 149 Cr for Q3 FY23 vs Rs 250 Cr for Q3 FY22.
Finance costs increased by Rs 187 Cr to Rs 464 Cr for Q3 FY23 from Rs 277 Cr for Q3 FY22.
Total Operating cost increased by 15% at Rs 1,974 Cr for Q3 FY23 from Rs 1,719 Cr for Q3 FY22.
Earnings before credit costs increased by 6% at Rs 1,217 Cr for Q3 FY23 vs Rs 1,144 Cr for Q3 FY22.
Impairment losses & bad debts expenses decreased by 15% at Rs 533 Cr for Q3 FY23 vs Rs 625 Cr for Q3 FY22.
Profit before tax increased by Rs 166 Cr or 32% to Rs 684 Cr for Q3 FY23 vs Rs 519 Cr for Q3 FY22.
Profit after tax increased by Rs 124 Cr or 32% to 509 Cr for Q3 FY23 vs Rs 386 Cr for Q3 FY22.
Profit & Loss Account for the 9 months ended December 31, 2022
Total income increased by Rs 2,087 Cr or 25% to Rs 10,372 Cr for 9M FY23 vs Rs 8,285 Cr for 9M FY22.
Finance costs increased by Rs 380 Cr or 50% to Rs 1,140 Cr for 9M FY23 from Rs 760 Cr for 9M FY22.
Total Operating cost at Rs 5,472 Cr for 9M FY23 from Rs 4,268 Cr for 9M FY22, increase is driven by higher business growth.
Earnings before credit cost at Rs 3,760 Cr for 9M FY23 from Rs 3,258 Cr for 9M FY22.
Impairment losses & bad debts expenses for the period at Rs 1,529 Cr for 9M FY23 vs Rs 1,865 Cr for 9M FY22.
Profit before tax increased by Rs 838 Cr or 60% to Rs 2,231 Cr for 9M FY23 vs Rs 1,393 Cr for 9M FY22.
Profit after tax increased by Rs 627 Cr or 61% to Rs 1,662 Cr for 9M FY23 vs Rs 1,035 Cr for 9M FY22.
Balance Sheet as of December 31, 2022
Total Balance Sheet size as of December 31, 2022 was Rs 42,987 Cr as against Rs 34,648 Cr as of March 31, 2022.
Total Gross Advances (Credit card receivables) as of December 31, 2022 were Rs 38,626 Cr, as against Rs 31,281 Cr as of March 31, 2022.
Net worth as of December 31, 2022 was Rs 9,530 Cr as against Rs 7,824 Cr as of March 31, 2022.
Asset Quality
The Gross non-performing assets were at 2.22% of gross advances as on December 31, 2022 as against 2.40% as on December 31, 2021. Net non-performing assets were at 0.80% as at December 31, 2022 as against 0.83% as on December 31, 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 December 31, 2022, Company’s CRAR was 23.3% compared to 24.2% as of December 31, 2021.
The tier I capital in respect of an NBFC-ND-SI, at any point of time, can’t be less than 10%. Company’s Tier I capital was 20.6% as of December 31, 2022 compared to 21.3% as of December 30, 2021.
Rating
CRISIL Long Term - AAA/Stable
CRISIL Short Term - A1+
ICRA Long Term - AAA/Stable
ICRA Short Term - A1+
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