Financial Results for the Quarter and Financial Year Ended March 31, 2022
SBI Card Q4 FY22 PAT Grows 231% to ₹581 Cr Vs ₹175 Cr for Q4 FY21
by Suman Gupta
Mumbai, 29 April 2022: The Board of Directors of SBI Cards and Payment Services Limited approved the Company’s results for the quarter and financial year ended March 31, 2022, at their meeting held on Friday, April 29, 2022.
Performance Highlights Q4 FY22
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Total Revenue increases 22% YoY to ₹3,016 Cr
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Profit after tax increases 231% YoY to ₹581 Cr
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ROAA at 7.0% for Q4 FY22 vs. 2.6% for Q4 FY21
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ROAE at 30.4% for Q4 FY22 vs. 11.2% for Q4 FY21
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Capital Adequacy Ratio at 23.8%; Tier 1 at 21.0%
Key Metrics
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New accounts volume at 1,002k for Q4 FY22 up by 27% as compared to 791k for Q4 FY21.
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Card-in-force grew by 16% to 1.38 Cr as of Q4 FY22 vs 1.18 Cr as of Q4 FY21.
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Total spends grew by 51% to ₹ 54,134 Cr in Q4 FY22 vs ₹ 35,943 Cr in Q4 FY21.
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Market share FY22 (till Feb’22) – Card-in-force at 18.9% (FY21: 19.1%); Spends at 19.2% (FY21: 19.4%); Transactions at 19.8% (FY21: 19.7%).
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Receivables grew by 25% to ₹ 31,281 Cr as of Q4 FY22 vs ₹ 25,114 Cr as of Q4 FY21.
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GNPA at 2.22% as of Q4 FY22 vs 4.99% as of Q4 FY21; NNPA at 0.78% as of Q4 FY22 vs 1.15% as of Q4 FY21.
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RBI RE at ₹ 287 Cr; less than 1 % of receivables in Q4 FY22.
Profit & Loss Account for the Quarter ended March 31, 2022
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Total revenue increased by ₹ 548 Cr, or 22% to ₹ 3,016 Cr for Q4 FY22 vs ₹ 2,468 Cr for Q4 FY21, increase is primarily due to higher Income from fees & services and interest income in Q4 FY22.
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Finance costs increased by ₹ 24 Cr, or 10% to ₹ 267 Cr for Q4 FY22 from ₹ 244 Cr for Q4 FY21.
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Total Operating cost increased by ₹ 291 Cr, or 23% to ₹ 1,577 Cr for Q4 FY22 from ₹ 1,285 Cr for Q4 FY21, increase is due to higher business volumes in Q4 FY22.
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Earnings before credit costs increased by ₹ 233 Cr, or 25% to ₹ 1,172 Cr for Q4 FY22 vs ₹ 939 Cr for Q4 FY21.
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Total Management overlay provision at ₹ 51 Cr as of Mar’22. Impairment losses & bad debts expenses decreased by Rs 312 Cr or 44% to Rs 393 for Q4 FY22 vs ₹ 705 Cr for Q4 FY21.
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Profit before tax increased by ₹ 545 Cr, or 232% to ₹ 779 Cr for Q4 FY22 vs ₹ 234 Cr for Q4 FY21
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Profit after tax increased by ₹ 405 Cr, or 231% to ₹ 581 Cr for Q4 FY22 vs ₹ 175 Cr for Q4 FY21
Profit & Loss Account for the financial year ended March 31, 2022
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Total revenue increased by ₹ 1,588 Cr, or 16% to ₹ 11,302 Cr for FY22 vs ₹ 9,714 Cr for FY21.
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Finance costs decreased by ₹ 16 Cr, or 2% to ₹ 1,027 Cr for FY22 from ₹ 1,043 Cr for FY21.
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Total Operating cost at ₹ 5,844 Cr for FY22 from ₹ 4,646 Cr for FY21, increase is primarily due to higher business volumes.
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Earnings before credit costs increased by ₹ 406 Cr, or 25% to ₹ 4,430 Cr for FY22 from ₹ 4,024 Cr for FY21.
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Impairment losses & bad debts expenses decreased by Rs 442 Cr or 16 % to ₹ 2,258 Cr for FY22 vs ₹ 2,700 Cr for FY21.
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Profit before tax increased by ₹ 848 Cr, or 64% to ₹ 2,172 Cr for FY22 vs ₹1,324 Cr for FY21.
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Profit after tax increased by ₹ 632 Cr, or 64% to ₹ 1,616 Cr for FY22 vs ₹ 985 Cr for FY21.
Balance Sheet as of March 31, 2022
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Total Balance Sheet size as of March 31, 2022, was ₹ 34,648 Cr as against ₹ 27,013 Cr as of March 31, 2021.
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Total Gross Advances (Credit card receivables) as of March 31, 2022, were ₹ 31,281 Cr, as against ₹ 25,114 Cr as of March 31, 2021.
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Net worth as of March 31, 2022, was ₹ 7,824 Cr as against ₹ 6,374 Cr as of March 31, 2021.
Asset Quality
The Gross non-performing assets were at 2.22% of gross advances as on March 31, 2022, as against 4.99% as on March 31, 2021. Net non-performing assets were at 0.78% as against 1.15% as on March 31, 2021.
Capital Adequacy
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 March 31, 2022, Company’s CRAR was 23.8% compared to 24.8% as of March 31, 2021.
The tier I capital in respect of an NBFC-ND-SI, at any point of time, is required to not be less than 10%. Company’s Tier I capital was 21.0% as of March 31, 2022, compared to 20.9% as of March 31, 2021.
Rating
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 |
Q4 FY21 |
Q3 FY22 |
Q4 FY22 |
YoY |
FY21 |
FY22 |
YoY |
Interest Income |
1,082 |
1,273 |
1,266 |
17% |
4,947 |
4,866 |
-2% |
Others |
1,237 |
1,616 |
1,584 |
28% |
4,350 |
5,811 |
34% |
Total Revenue from operations |
2,319 |
2,889 |
2,850 |
23% |
9,296 |
10,677 |
15% |
Total Other Income |
149 |
250 |
166 |
11% |
417 |
624 |
50% |
Total Revenue |
2,468 |
3,140 |
3,016 |
22% |
9,714 |
11,302 |
16% |
Finance costs |
244 |
277 |
267 |
10% |
1,043 |
1,027 |
-2% |
Operating Costs |
1,285 |
1,719 |
1,577 |
23% |
4,646 |
5,844 |
26% |
Earnings before credit costs |
939 |
1,144 |
1,172 |
25% |
4,024 |
4,430 |
10% |
Impairment losses & bad debts |
705 |
625 |
393 |
-44% |
2,700 |
2,258 |
-16% |
Profit before tax |
234 |
519 |
779 |
232% |
1,324 |
2,172 |
64% |
Profit after tax |
175 |
386 |
581 |
231% |
985 |
1,616 |
64% |
Summary Balance Sheet
Rs Cr |
Mar’21 |
Mar’22 |
Variance % |
Assets |
|||
Loans (Net) |
23,459 |
30,187 |
29% |
Cash & Bank Balances |
720 |
1,106 |
54% |
Investments |
958 |
1,297 |
35% |
Other Financial Assets |
276 |
382 |
38% |
Total non-financial Assets |
1,600 |
1,676 |
5% |
Total Assets |
27,013 |
34,648 |
28% |
Liabilities and Equity |
|||
Total Equity |
6,302 |
7,753 |
23% |
Borrowings |
17,895 |
22,982 |
28% |
Other financial liabilities |
1,769 |
2,700 |
53% |
Total non-financial liabilities |
1,047 |
1,213 |
16% |
Total liabilities and equity |
27,013 |
34,648 |
28% |
