SBI Cards Q1 profit shrinks 22% to Rs 305 cr due to rise in bad loans

Total income of SBI Card during the quarter rose to Rs 2,451 crore as against Rs 2,196 crore a year ago.

New Delhi: SBI Cards and Payment Services Ltd (SBI Card) on Friday reported a 22 per cent decline in net profit to Rs 305 crore in the first quarter ended June 30 due to higher delinquencies. The SBI-promoted card issuance company had reported a net profit of Rs 393 crore in the April-June quarter of the previous fiscal (2020-21). Total income of SBI Card during the quarter rose to Rs 2,451 crore as against Rs 2,196 crore a year ago, SBI Cards said in a regulatory filing.