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BENGALURU, Oct 27 (Reuters) – SBI Cards and Payment Services ( SBIC.NS ) reported a 52.4 percent jump in second-quarter profit on Thursday, as it issued more credit cards and Indians spent more during the festive season.
SBI Card, which is backed by top lender State Bank of India ( SBI.NS ), increased its card base between July and August amid stiff competition, analysts noted, although the industry followed a trend The central bank canceled inactive cards.
Profit rose to 5.26 billion Indian rupees ($63.95 million) for the three months ended September 30, from 3.45 billion rupees a year ago.
Total income from operations increased by 28% to 32.97 billion rupees.
Card-in-force, or the number of cards issued and outstanding, grew 18% to 14.8 million at the end of the quarter, while spending increased 43%.
Nonperforming loans as a percentage of bad advances — a measure of asset quality — eased to 2.14% at the end of September, from 2.24% at the end of June.
($1 = 82.2500 Indian Rupees)
(The story has been corrected to correct the name of the company in SBI Card, from SBI Cards, in the headline and paragraph 2)
Reporting by Nishit Navin in Bengaluru; Editing by Krishna Chandra Eluri
Our Standards: The Thomson Reuters Trust Principles.
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