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SBI Cards and Payment Services Ltd. reported a weak quarter, with a sequential decline in receivables/spending.
On the other hand, margins declined approximately 130 basis point, affected by interest income.
Fee income stood stable QoQ (up 16% YoY) as spends declined 5% QoQ (up 11% YoY).
However, the decline in opex led to stable pre-provision operating profit.
Retail spends remained higher versus pre-Covid-19 levels (~113%), while corporate spends reached pre-Covid-19 levels.
The gross non-performing asset ratio increased on higher non-performing assets from the Reserve Bank of India RE book, comprising ~50% of the total slippages.
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