Total income grew 7 per cent to Rs 2,695 crore during the July-September period of FY12 from Rs 2,510 crore in Q2 of FY11.
SBI Card said in a release that the increase was mainly on account of higher earnings from fees and services during the quarter.
The company’s finance cost fell 4 per cent to Rs 254 crore from Rs 264 crore in the reported quarter. However, the total operating cost increased by 25 per cent to Rs 1,383 crore.
The increase in operating cost is on account of higher business volumes in Q2 FY22, noted SBI Card.
The credit card company said it has made a total management overlay provision of Rs 231 crore till September 2021.
The deficit and bad debt expenses stood at Rs 594 crore, as against Rs 862 crore in the year-ago period.
The volume of new accounts at 9,53,000 for the second quarter of FY12 grew by 39 per cent as compared to 6,88,000 earlier.
Among other business indicators, the company’s card-in-force grew by 14 per cent to 1.26 crore by the end of September this year.
Retail spending rose 41 per cent to Rs 35,070 crore from Rs 24,863 crore. Corporate expenses rose 80 per cent to Rs 8,491 crore from Rs 4,728 crore earlier.
Receivables grew 12 per cent to Rs 26,741 crore during the September quarter.
Further, the company significantly reduced its bad assets, as gross non-performing assets (NPAs) fell to 3.36 per cent from 7.46 per cent at the end of September. Net NPAs also declined to 0.91 per cent from 2.70 per cent.
With regard to market share (available till August 2021), SBI Card said the card-in-force share stood at 19.4 per cent, while spends for H1 FY22 stood at 19 per cent.
SBI Card stock closed at Rs 1,124.55 on the BSE, down 1.01 per cent from the previous close.