SBI Cards and Payment Services on Monday reported a 110 per cent rise in net profit at Rs 175 crore for the quarter ended March 2021.
The credit card company, promoted by the country’s largest lender SBI, had posted a net profit of Rs 84 crore in the corresponding January-March period of the preceding fiscal year 2019-20.
The company, which operates under the brand name SBI Card, reported decline in revenue to Rs 2,309 crore during the fourth quarter as against Rs 2,433 crore in same period a year ago, it said in a regulatory filing. Total income too dropped to Rs 2,468 crore from Rs 2,510 crore in the same quarter a year ago. The total expenses were lower at Rs 2,234 crore as compared to Rs 2,398 crore earlier.