Hyderabad, January 2023: The Board of Directors of SBI Cards and Payment Services Limited approved the Company’s results for the Q3 FY23 and 9 months ended December 31, 2022, at their meeting held on Tuesday, January 24, 2023.
Performance Highlights Q3 FY23
Total Revenue increases 16% YoY to ₹3,656 Cr
ROAA at 4.8% for Q3 FY23 vs 5.0% for Q3 FY22
ROAE at 22.0% for Q3 FY23 vs 21.2% for Q3 FY22
Capital Adequacy Ratio at 23.3%; Tier 1 at 20.6%
New accounts volume at 1,634K accounts for Q3 FY23 up by 62% vs 1,008K accounts for Q3 FY22.
Card-in-force grew by 21% to 1.59 Cr as of Q3 FY23 vs 1.32 Cr as of Q3 FY22.
Spends grew by 24% at ₹68,835 Cr for Q3 FY23 vs ₹55,397 Cr for Q3 FY22.
Market share 9M FY23 (available till Nov’22) – Card-in-force at 19.3% (FY22: 18.7%). Spends at 18.0% (FY22: 19.2%).
Receivables grew by 33% to ₹38,626 Cr as of Q3 FY23 vs ₹29,129 Cr as of Q3 FY22.
GNPA at 2.22% as of Q3 FY23 vs 2.40% as of Q3 FY22; NNPA at 0.80% as of Q3 FY23 vs 0.83% as of Q3 FY22.
Profit & Loss Account for the Quarter ended December 31, 2022
Ø Total income at ₹3,656 Cr for Q3 FY23 vs ₹3,140 Cr for Q3 FY22. This movement was a result of the following key factors:
· Interest income increased by ₹336 Cr to ₹1,609 Cr for Q3 FY23 vs ₹1,273 Cr for Q3 FY22.
· Income from fees and services increased by ₹213 Cr to ₹1,670 Cr for Q3 FY23 vs ₹ 1,457 Cr for Q3 FY22.
· Other income decreased by ₹101 Cr to ₹149 Cr for Q3 FY23 vs ₹250 Cr for Q3 FY22.
Ø Finance costs increased by ₹187 Cr to ₹464 Cr for Q3 FY23 from ₹277 Cr for Q3 FY22.
Ø Total Operating cost increased by 15% at ₹1,974 Cr for Q3 FY23 from ₹1,719 Cr for Q3 FY22.
Ø Earnings before credit costs increased by 6% at ₹1,217 Cr for Q3 FY23 vs ₹1,144 Cr for Q3 FY22.
Ø Impairment losses & bad debts expenses decreased by 15% at ₹533 Cr for Q3 FY23 vs ₹625 Cr for Q3 FY22.
Ø Profit before tax increased by ₹166 Cr or 32% to ₹684 Cr for Q3 FY23 vs ₹519 Cr for Q3 FY22.
Ø Profit after tax increased by ₹124 Cr or 32% to ₹509 Cr for Q3 FY23 vs ₹386 Cr for Q3 FY22.
Profit & Loss Account for the 9 months ended December 31, 2022
Ø Total income increased by ₹ 2,087 Cr or 25% to ₹ 10,372 Cr for 9M FY23 vs ₹ 8,285 Cr for 9M FY22.
Ø Finance costs increased by ₹ 380 Cr or 50% to ₹ 1,140 Cr for 9M FY23 from ₹ 760 Cr for 9M FY22.
Ø Total Operating cost at ₹ 5,472 Cr for 9M FY23 from ₹ 4,268 Cr for 9M FY22, increase is driven by higher business growth.
Ø Earnings before credit cost at ₹ 3,760 Cr for 9M FY23 from ₹ 3,258 Cr for 9M FY22.
Ø Impairment losses & bad debts expenses for the period at ₹ 1,529 Cr for 9M FY23 vs ₹ 1,865 Cr for 9M FY22.
Ø Profit before tax increased by ₹ 838 Cr or 60% to ₹ 2,231 Cr for 9M FY23 vs ₹1,393 Cr for 9M FY22.
Ø Profit after tax increased by ₹ 627 Cr or 61% to ₹ 1,662 Cr for 9M FY23 vs ₹ 1,035 Cr for 9M FY22.
Balance Sheet as of December 31, 2022
Ø Total Balance Sheet size as of December 31, 2022 was ₹42,987 Cr as against ₹34,648 Cr as of March 31, 2022.
Ø Total Gross Advances (Credit card receivables) as of December 31, 2022 were ₹38,626 Cr, as against ₹31,281 Cr as of March 31, 2022.
Ø Net worth as of December 31, 2022 was ₹9,530 Cr as against ₹7,824 Cr as of March 31, 2022.
The Gross non-performing assets were at 2.22% of gross advances as on December 31, 2022 as against 2.40% as on December 31, 2021. Net non-performing assets were at 0.80% as at December 31, 2022 as against 0.83% as on December 31, 2021.
As per the capital adequacy norms issued by the RBI, Company’s capital to risk ratio consisting of tier I and tier II capital should not be less than 15% of its aggregate risk weighted assets on – balance sheet and of risk adjusted value of off-balance sheet items. As of December 31, 2022, Company’s CRAR was 23.3% compared to 24.2% as of December 31, 2021.
The tier I capital in respect of an NBFC-ND-SI, at any point of time, can’t be less than 10%. Company’s Tier I capital was 20.6% as of December 31, 2022 compared to 21.3% as of December 30, 2021.
CRISIL Long Term – AAA/Stable
CRISIL Short Term – A1+
ICRA Long Term – AAA/Stable
ICRA Short Term – A1+
Summary Profit and Loss Statement (Rs Cr)
|Description||Q3 FY22||Q2 FY23||Q3 FY23|
|Total Revenue from operations||2,889||3,297||3,507|
|Total Other Income||250||156||149|
|Earnings before credit costs||1,144||1,252||1,217|
|Impairment losses & bad debts||625||546||533|
|Profit before tax||519||706||684|
|Profit after tax||386||526||509|
Summary Balance Sheet (Rs Cr)
|Cash & Bank Balances||1,106||785|
|Other Financial Assets||382||632|
|Total non-financial Assets||1,676||1,920|
|Liabilities and Equity|
|Other financial liabilities||2,700||2,722|
|Total non-financial liabilities||1,213||1,403|
|Total liabilities and equity||34,648||42,987|