SBI Cards and Payment Services (SBI Card) announced an interim dividend of ₹2.50 per equity share for the financial year 2023-24. This decision was made during the company’s board meeting on March 19. Shareholders as of March 28 will be eligible to receive the dividend, which will be credited to their accounts by April 17, 2024.
Additionally, SBI Card reported its financial results for the third quarter of FY24, ending on December 31, 2023. The company saw an 8% increase in net profit, reaching ₹549 crore compared to ₹509 crore in the same period the previous year. Total income also rose by 30% year-on-year to ₹4,742 crore.
However, there was an increase in non-performing assets (NPAs), with gross NPAs rising to 2.64% of gross advances from 2.35% in the previous quarter. Net NPAs also increased to 0.96% from 0.87% in the same period. Finance costs went up by 50% compared to the previous fiscal year.
Despite these challenges, cardholders’ spending increased by 41% to ₹96,860 crore in the reported quarter.
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