SBI Cards News: Share Price Plummets by 8% in Response to Weak Q2 SBI Card Results

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SBI Cards News: On October 27, SBI Cards and Payment Services announced a year-on-year (YoY) increase of 14.71 percent in its net profit, reaching Rs 602.98 crore for the second quarter of the current fiscal year.

SBI Cards News
SBI Cards Results

SBI Cards Stock Performance

Stock Data SBI Cards
Opening Share Price Rs 787.80 on BSE
Lowest Price in the Past 52 Weeks Rs 690.90 on BSE
Net Profit (July-September 2023) Rs 603 crore (15% YoY growth)
Total Income (September 2023) Rs 4,221 crore (YoY increase)
New Accounts Volume (YoY) 11.42 lakh (12% decrease)

Stock Plunge on October 30, 2023

Shares of SBI Cards and Payment Services opened on October 30, 2023, with a significant decline, starting at Rs 787.80 on the Bombay Stock Exchange (BSE). The stock’s value subsequently plummeted by over 8% in response to the company’s underwhelming performance in the September quarter. As a result, it dropped further to Rs 732.05, marking an 8% decrease from the previous day’s closing price.

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SBI CARD Results: Profit and Income Analysis

SBI Cards reported a net profit of Rs 603 crore for the July-September 2023 quarter, signifying a 15% increase compared to the same period in the previous year. However, despite this growth, profits were impacted by rising fund costs and a weak Net Interest Margin (NIM). The company’s total income for the September 2023 quarter reached Rs 4,221 crore, indicating growth when compared to the figures from the year-ago quarter.

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