(Formerly known as SBI Cards and Payment Services Private Limited)
Financial Results for the Quarter and Financial Year Ended March 31, 2021
SBI Card PAT grows 110% to ₹175 Crore in Q4 FY21 vs ₹84 Crore in Q4 FY20
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, 2021, at their meeting held on Monday, April 26, 2021.
Performance Highlights Q4’FY21
- Profit after tax at ₹175 Cr for Q4 FY21 vs ₹84 Cr for Q4 FY20, up 110%
- Total Income at ₹2,468 Cr for Q4 FY21
- ROAA at 2.6% for Q4 FY21 vs 1.3% for Q4 FY20
- ROAE at 11.2% for Q4 FY21 vs 6.5% for Q4 FY20
- Capital Adequacy Ratio at 24.8% (Q4 FY20 : 22.4%); Tier 1 at 20.9% (Q4 FY20 : 17.7%)
Key Metrics
- Card-in-force grew by 12% to 1.18 Cr as of Q4 FY21 vs 1.05 Cr as of Q4 FY20
- Spends grew by 11% at ₹35,943 Cr for Q4 FY21 vs ₹32,429 Cr for Q4 FY20
- Market share Q4 FY21 (available till February) – Card-in-force at 19.0% (FY20 : 18.3%); Spends at 19.5% for FY21 (FY20 : 17.9%)
- Receivables grew by 4% to ₹25,114 Cr as of Q4 FY21 vs ₹24,141 Cr as of Q4 FY20
- GNPA at 4.99% as of Q4 FY21 vs 2.01% as of Q4 FY20; NNPA at 1.15% as of Q4 FY21 vs 0.67% as of Q4 FY20
- New accounts volume at 791K accounts for Q4 FY21
Profit & Loss Account for the Quarter ended March 31, 2021
Ø Total income at ₹2,468 Cr for Q4 FY21 vs ₹2,510 Cr for Q4 FY20. This movement was a result of the following key factors:
· Interest income at ₹1,072 Cr for Q4 FY21 vs ₹1,348 Cr for Q4 FY20
· Income from fees and services increased by ₹154 Cr to ₹1,114 Cr for Q4 FY21 vs ₹959 Cr for Q4 FY20
· Other income increased by ₹82 Cr, or 107% to ₹159 Cr for Q4 FY21 vs ₹77 Cr for Q4 FY20, primarily due to higher bad debt recovery.
Ø Finance costs decreased by ₹91 Cr, or 27.1% to ₹244 Cr for Q4 FY21 from ₹334 Cr for Q4 FY20.
Ø Total Operating cost increased by ₹60 Cr, or 4.9% to ₹1,285 Cr for Q4 FY21 from ₹1,226 Cr for Q4 FY20.
Ø Earnings before credit costs at ₹939 Cr for Q4 FY21 vs ₹950 Cr for Q4 FY20.
Ø Total Management overlay provision at ₹297 Cr as on Mar’21. Impairment losses & bad debts expenses* for Q4 FY21 at ₹705 Cr vs ₹838 Cr for Q4 FY20.
Ø Profit before tax increased by ₹122 Cr, or 109% to ₹234 Cr for Q4 FY21 vs ₹112 Cr for Q4 FY20.
Ø Profit after tax increased by ₹92 Cr, or 110% to ₹175 Cr for Q4 FY21 from ₹84 Cr for Q4 FY20.
Profit & Loss Account for the financial year ended March 31, 2021
Ø For the financial year ended March 31, 2021 total income at ₹9,714 Cr for FY21 vs ₹9,752 Cr for FY20. Finance costs decreased by ₹258 Cr, or 19.8% to ₹1,043 Cr for FY21 from ₹1,301 Cr for FY20. Total Operating cost decreased by ₹135 Cr, or 2.8% to ₹4,646 Cr for FY21 from ₹4,781 Cr for FY20. Earnings before credit costs increased by ₹354 Cr, or 9.6% to ₹4,024 Cr for FY21 from ₹3,670 Cr for FY20. Impairment losses & bad debts expenses* for the period at ₹2,700 Cr vs ₹1,940 Cr for FY20. Profit before tax at ₹1,324 Cr for FY21 vs ₹1,730 Cr for FY20. Profit after tax at ₹985 Cr for FY21 vs ₹1,245 Cr for FY20.
Balance Sheet as of March 31, 2021
Ø Total Balance Sheet size as of March 31, 2021 was ₹27,013 Cr as against ₹25,307 Cr as of March 31, 2020.
Ø Total Gross Advances (Credit card receivables) as of March 31, 2021 were ₹25,114 Cr, as against ₹24,141 Cr as of March 31, 2020.
Ø Net worth as of March 31, 2021 was ₹6,374 Cr as against ₹5,413 Cr as of March 31, 2020.
Asset Quality
The Gross non-performing assets were at 4.99% of gross advances as on March 31, 2021 as against 2.01% as on March 31, 2020. Net non-performing assets were at 1.15% as against 0.67% as on March 31, 2020.
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, 2021, Company’s CRAR was 24.8% compared to 22.4% as of March 31, 2020.
The tier I capital in respect of an NBFC-ND-SI, at any point of time, is required to be not be less than 10%. Company’s Tier I capital was 20.9.% as of March 31, 2021 compared to 17.7% as of March 31, 2020.
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 FY20 | Q3 FY21 | Q4 FY21 | YoY | FY20 | FY21 | YoY |
| Interest Income | 1,348 | 1,168 | 1,072 | -20% | 4,841 | 4,928 | 2% |
| Others | 1,085 | 1,235 | 1,237 | 14% | 4,435 | 4,350 | -2% |
| Total Revenue from operations | 2,433 | 2,403 | 2,309 | -5% | 9,276 | 9,277 | 0% |
| Total Other Income | 77 | 137 | 159 | 107% | 476 | 436 | -8% |
| Total Income | 2,510 | 2,540 | 2,468 | -2% | 9,752 | 9,714 | 0% |
| Finance costs | 334 | 261 | 244 | -27% | 1,301 | 1,043 | -20% |
| Operating Costs | 1,226 | 1,348 | 1,285 | 5% | 4,781 | 4,646 | -3% |
| Earnings before credit costs | 950 | 931 | 939 | -1% | 3,670 | 4,024 | 10% |
| Impairment losses & bad debts* | 838 | 648 | 705 | -16% | 1,940 | 2,700 | 39% |
| Profit before tax | 112 | 283 | 234 | 109% | 1,730 | 1,324 | -23% |
| Profit after tax | 84 | 210 | 175 | 110% | 1,245 | 985 | -21% |
Summary Balance Sheet
| Rs Cr | Mar’20 | Mar’21 | YoY |
| Assets | |||
| Loans (Net) | 22,812 | 23,459 | 3% |
| Cash & Bank Balances | 677 | 718 | 6% |
| Other Financial Assets | 279 | 1,236 | 343% |
| Total non-financial Assets | 1,539 | 1,600 | 4% |
| Total Assets | 25,307 | 27,013 | 7% |
| Liabilities and Equity | |||
| Total Equity | 5,341 | 6,302 | 18% |
| Borrowings including lease liabilities | 17,573 | 18,068 | 3% |
| Other financial liabilities | 1,197 | 1,463 | 22% |
| Total non-financial liabilities | 1,196 | 1,180 | -1% |
| Total liabilities and equity | 25,307 | 27,013 | 7% |
* Impairment losses & bad debts include impairment losses on other assets and net loss on derecognition of financial instruments under amortised category
