SBI Cards and Payment Services (SBI Cards) reported a net profit of ₹305 crore for the quarter ended June 30, 2021, after a decline of 22 per cent from ₹393 crore in the year-ago period. The dip in net profit came on the back of rise in bad loans for the cards arm of State Bank of India (SBI). SBI Cards recorded a decline in interest income to ₹1,153 crore during Q1 FY22, from ₹1,412 crore in Q1 FY21. Card spends during the period rose to ₹33,260 crore, as against ₹19,085 crore in the same period of 2020-21. SBI Cards' Capital Adequacy Ratio (CAR) was 26.1 per cent as of June 30, 2021, as opposed to 24.4 per cent as of June 30, 2020.

Source: Mint July 23, 2021 13:34 UTC