SBI CARDS Announces Quarterly Results (1QFY22); Net Profit Down 22.6%

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SBI CARDS Announces Quarterly Results (1QFY22); Net Profit Down 22.6%
Mon, 26 Jul

SBI CARDS has announced its results for the quarter ended June 2021. Here is a detailed performance review of the same:

SBI CARDS Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-20*
3
Mar-21*
3
Jun-21*
QoQ ChangeYoY Change
Operating incomeRs m21,53923,08723,6192.3%9.7%
Other incomeRs m4171,595890-44.2%113.7%
Total revenuesRs m21,95624,68124,509-0.7%11.6%
InterestRs m2,7462,4372,290-6.0%-16.6%
Gross Profit Rs m18,51420,30921,0033.4%13.4%
Other expensesRs m13,64819,56017,790-9.0%30.3%
Profit before taxRs m5,2832,3444,10375.0%-22.3%
TaxRs m1,3505901,05779.2%-21.7%
Profit after taxRs m3,9331,7543,04673.6%-22.6%
Gross profit margin %86.088.088.9
Effective tax rate%25.525.225.8
Net profit margin%18.37.612.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster


Year-on-Year Performance:
  • The bank's operating income (interest earned) during the quarter grew 9.7% on a year-on-year (YoY) basis. The interest expended was down by 16.6% YoY during the same period.
  • The bank's operating profit increased by 13.4% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 88.9% in 1QFY22 as against 86.0% in 1QFY21.
  • Other income increased by 113.7% YoY during the quarter.
  • Net profit for the quarter declined by 22.6% YoY. Net profit margins during the quarter declined from 18.3% in 1QFY21 to 12.9% in 1QFY22.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 2.3% on a quarter-on-quarter (QoQ) basis. The interest expended was down by 6.0% QoQ during the same period.
  • The bank's operating profit increased by 3.4% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 88.9% in 1QFY22 as against 88.0% in 4QFY21.
  • Net profit for the quarter increased by 73.6% QoQ, while net profit margins increased from 7.6% in 4QFY21 to 12.9% in 1QFY22.

To see how SBI CARDS has performed over the last eight quarters,please visit here.

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SBI CARDS Share Price Performance

Over the last one year, SBI CARDS share price has moved up from Rs 740.7 to Rs 1,019.8, registering a Gain of Rs 279.1 or around 37.7%.

Overall, the S&P BSE SENSEX is up 39.5% over the year.

Current Valuations

At the current price of Rs 1,019.8, the price to earnings (P/E) ratio of SBI CARDS stands at 107.1 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 18.0 times.

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