Hyderabad : The Board of Directors of SBI Cards and Payment Services Limited approved the Company’s results for the quarter ended June 30, 2022, at their meeting held on Thursday, July 28, 2022.
Performance Highlights Q1 FY23
- Total Revenue increases 33% YoY to ₹3,263 Cr
- ROAA at 7.0% for Q1 FY23 vs. 4.5% for Q1 FY22
- ROAE at 30.8% for Q1 FY23 vs. 18.7% for Q1 FY22
- Capital Adequacy Ratio at 24.7%; Tier 1 at 21.5%
Key Metrics
- New accounts volume at 902K accounts for Q1 FY23 up by 48% vs. 609K accounts for Q1 FY22.
- Card-in-force grew by 19% to 1.43 Cr as of Q1 FY23 vs 1.20 Cr as of Q1 FY22.
- Spends grew by 79% at ₹59,671 Cr for Q1 FY23 vs ₹33,260 Cr for Q1 FY22.
- Market share Q1 FY23 (available till May’22) – Card-in-force at 18.4% (Q1 FY22: 19.2%). Spends at 18.6% for Q1 FY23 (Q1 FY22: 18.9%).
- Receivables grew by 36% to ₹33,215 Cr as of Q1 FY23 vs ₹24,438 Cr as of Q1 FY22.
- GNPA at 2.24% as of Q1 FY23 vs 3.91% as of Q1 FY22; NNPA at 0.79% as of Q1 FY23 vs 0.88% as of Q1 FY22.
Profit & Loss Account for the Quarter ended June 30, 2022
- Total income at ₹3,263 Cr for Q1 FY23 vs ₹2,451 Cr for Q1 FY22. This movement was a result of the following key factors:
- Interest income at ₹1,387 Cr for Q1 FY23 vs ₹1,153 Cr for Q1 FY22.
- Income from fees and services increased by ₹439 Cr to ₹1,538 Cr for Q1 FY23 vs ₹ 1,099 Cr for Q1 FY22.
- Other income increased by ₹74 Cr to ₹163 Cr for Q1 FY23 vs ₹89 Cr for Q1 FY22.
- Finance costs increased by ₹79 Cr to ₹308 Cr for Q1 FY23 from ₹229 Cr for Q1 FY22.
- Total Operating cost ₹1,663 Cr for Q1 FY23 from ₹1,166 Cr for Q1 FY22.
- Earnings before credit costs increased by 22% at ₹1,291 Cr for Q1 FY23 vs ₹1,056 Cr for Q1 FY22 and up by 10 % as compared to Q4 FY22 at ₹1,172 Cr.
- Impairment losses & bad debts expenses for Q1 FY23 at ₹450 Cr vs ₹645 Cr for Q1 FY22 and vs ₹393 Cr for Q4 FY22.
- Profit before tax increased by 431 Cr or 105% to ₹841 Cr for Q1 FY23 vs ₹410 Cr for Q1 FY22.
- Profit after tax increased by ₹322 Cr or 106% to ₹627 Cr for Q1 FY23 vs ₹305 Cr for Q1 FY22.
Balance Sheet as of June 30, 2022
- Total Balance Sheet size as of June 30, 2022 was ₹36,859 Cr as against ₹34,648 Cr as of March 31, 2022.
- Total Gross Advances (Credit card receivables) as of June 30, 2022 were ₹33,215 Cr, as against ₹31,281 Cr as of March 31, 2022.
- Net worth as of June 30, 2022 was ₹8,445 Cr as against ₹7,824 Cr as of March 31, 2022.
Asset Quality
The Gross non-performing assets were at 2.24% of gross advances as on June 30, 2022 as against 3.91% as on June 30, 2021. Net non-performing assets were at 0.79% as against 0.88% as on June 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 June 30, 2022, Company’s CRAR was 24.7% compared to 26.1% as of June 30, 2021.
The tier I capital in respect of an NBFC-ND-SI, at any point of time, is required to be not be less than 10%. Company’s Tier I capital was 21.5% as of June 30, 2022 compared to 22.6% as of June 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 | Q1 FY22 | Q4 FY22 | Q1 FY23 | YoY | QoQ | ||||||
| Interest Income | 1,153 | 1,266 | 1,387 | 10% | 20% | ||||||
| Others | 1,209 | 1,584 | 1,713 | 42% | 8% | ||||||
| Total Revenue from operations | 2,362 | 2,850 | 3,100 | 9% | 31% | ||||||
| Total Other Income | 89 | 166 | 163 | -2% | 83% | ||||||
| Total Income | 2,451 | 3,016 | 3,263 | 8% | 33% | ||||||
| Finance costs | 229 | 267 | 308 | 15% | 35% | ||||||
| Operating Costs | 1,166 | 1,577 | 1,663 | 5% | 43% | ||||||
| Earnings before credit costs | 1,056 | 1,172 | 1,291 | 10% | 22% | ||||||
| Impairment losses & bad debts | 645 | 393 | 450 | 15% | -30% | ||||||
| Profit before tax | 410 | 779 | 841 | 8% | 105% | ||||||
| Profit after tax | 305 | 581 | 627 | 8% | 106% |
Summary Balance Sheet
| Rs Cr | Mar’22 | Jun’22 | Variance % | ||||
| Assets | |||||||
| Loans (Net) | 30,187 | 32,079 | 6% | ||||
| Cash & Bank Balances | 1,106 | 1,053 | -5% | ||||
| Investments | 1,297 | 1,555 | 20% | ||||
| Other Financial Assets | 382 | 509 | 33% | ||||
| Total non-financial Assets | 1,676 | 1,663 | -1% | ||||
| Total Assets | 34,648 | 36,859 | 6% | ||||
| Liabilities and Equity | |||||||
| Total Equity | 7,753 | 8,373 | 8% | ||||
| Borrowings | 22,982 | 24,792 | 8% | ||||
| Other financial liabilities | 2,700 | 2,422 | -10% | ||||
| Total non-financial liabilities | 1,213 | 1,270 | 5% | ||||
| Total liabilities and equity | 34,648 | 36,859 | 6% |
