A systemically significant non-banking financial enterprise registered with the RBI is SBI Cards and Payment Services Limited. The company deals with issuing credit cards to Indian customers.
Financial Results:
SBI Cards and Payment Services Ltd. recorded a 32% increase in net profit for the December quarter, coming in at Rs. 509 crore.
In the same time of the prior financial year, the SBI-promoted pure-play credit card business reported a net profit of Rs 386 crore.
According to SBI Card, its overall revenue increased due to increases in interest income as well as income from fees and services. Spending on credit cards increased by 24% on an annual basis to Rs 68,835 crore.