SBI Cards and Payment Services Ltd (SBI Card) on Friday reported that its net profit more than tripled to Rs 580.86 crore in the quarter ended March 2022. The pure-play credit card issuer reported a net profit of Rs 175.42 crore in the same quarter of the previous fiscal.

SBI Card said in a regulatory filing that the company’s total revenue rose to Rs 3,016.1 crore from Jan-March 2021, compared to Rs 2,468.14 crore in the same period in FY21. Interest income rose to Rs 1,266.10 crore in the quarter from Rs 1,082.42 crore a year ago, while fee and commission income rose to Rs 1,426.81 crore from Rs 1,113.81 crore, the company said.

Net profit for the entire 2021-22 financial year jumped 64 per cent to Rs 1,616.14 crore from Rs 9,845.2 crore in 2020-21. Total revenue for the full year rose to Rs 1,130.152 crore from Rs 9,713.58 crore in FY21.

SBI Card said that as of March 31, 2022, the company’s gross NPA (non-performing assets) and net NPA were 2.22 per cent and 0.78 per cent, respectively, compared to 4.99 per cent and 1.15 per cent a year earlier.

Driven by SBI, the country’s largest bank, the credit card company said it had a total expected credit loss of Rs 1,094.12 crore on its loan balances as of March 31, 2022 (Rs 1,654.55 crore as of March 2021). This includes administrative expenses of Rs 50.56 crore (Rs 296.94 crore a year ago).

In addition, the company said that in FY22, it triggered an increase in loan balances of Rs 304.73 crore (40,983 accounts) due to a change in expected estimates for the recovery of certain categories of retail accounts in Phase 3 (NPA).

In addition, the company said there was no impact on its income statement due to the RBI’s November 2021 circular on prudential regulation of revenue recognition and asset classification related to advances. SBI Cardboard has declared an interim dividend of Rs 2.50 per share for the financial year 2021-22. SBI Card closed at Rs 829.75 per share on the BSE, down 1.44 per cent from its previous close.