Categories: Business

SBI Card Q4 profit fall 66% due to corona concern

Photo: GOOGLE

SBI Card Q4 profit dip

new Delhi. SBI Cards & Payment Services' net profit for the fourth quarter of the current financial year 2019-20 declined by 66 percent to Rs 84 crore. The company said that it had to make additional provisions due to the Kovid-19 crisis. At the same time his total expenses have also increased, which has reduced his profits. The credit card company promoted by State Bank of India (SBI) made a net profit of Rs 249 crore in the same quarter of the previous financial year. The company's brand name is SBI Card.

In a communication sent to the stock exchanges, the company said its operating income grew 23 per cent to Rs 2,433 crore during the quarter from Rs 1,983 crore in the same quarter of the previous fiscal. The company's total income rose 21 percent to Rs 2,510 crore during the quarter. In the fourth quarter of the last financial year, the company's total expenditure increased by 42 percent to Rs 2,398 crore. At the same time, the net profit of the company increased by 44 percent to Rs 1,245 crore in the entire financial year 2019-20, from Rs 865 crore in the previous financial year.

This post was published on May 8, 2020 8:56 pm

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