SBI Cards and Payment Services Q1 profit down 5% to Rs 593 crore
SBI Cards and Payment Services on Friday reported a 5 per cent drop in net profit to Rs 593 crore in the June quarter due to a rise in delinquencies. The SBI-promoted card issuance company (SBI Card) had reported a net profit of Rs 627 crore in the April-June period of the previous fiscal. Its total income during the first quarter of the current fiscal rose to Rs 4,046 crore against Rs 3,263 crore a year ago, SBI Cards said in a regulatory filing.
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