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 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.
Read More
Cello World Limited IPO GMP price Today | Grey Markets Premium
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.