SBI Card reported that its gross non-performing assets (NPAs) rose from 1.4 percent in the April-June quarter to 4.3 percent in Q2.

                              

Shares of SBI Cards and Payment Services plunged almost 11 percent in morning trade on BSE on October 23, a day after the company reported a huge spike in bad loans during the September quarter.

SBI Card reported that its gross non-performing assets (NPAs) rose from 1.4 percent in the April-June quarter to 4.3 percent in Q2.

In Q2FY21, SBI Card posted a 46 percent fall in net profit to Rs 206 crore over Q2FY20.

Total income increased by Rs 137 crore, or 5.7 percent to Rs 2,513 crore for Q2 FY21, from Rs 2,376 crore in Q2 FY20.

The management made a provision of Rs 268 crore in Q2 of FY21.

The provision refers to money set aside to cover likely losses. Total gross advances (credit card receivables), as of September 30, 2020, stood at Rs 23,978 crore, against Rs 23,038 crore as of September 30, 2019.
The company’s net worth, as of September 30, 2020, was Rs 5,949 crore as against Rs 4,388 crore as of September 30, 2019.