Share price of SBI Cards and Payment Services (SBI Cards) surged 4.5% to Rs 785.10 apiece on NSE after reporting better-than-expected earnings performance for the fiscal first quarter to June 30.
SBI Card posted 13.80% year-on-year (YoY) rise in net profit at Rs 393.29 crore for the quarter ended June 30. It had posted a net profit of Rs 345.59 crore in the corresponding quarter last year.
Total revenue from operation increased 4% YoY to Rs 2,152.20 crore during the quarter under review against Rs 2,068.28 crore in the corresponding quarter last year.
The company posted nearly 28% drop in total expenditure at Rs 134.98 crore in Q1FY21, over Rs 186.94 crore in Q1FY20.
The SBI Card share price is back near its issue price after a lackluster initial public offering (IPO). In July alone, SBI Card shares have surged by nearly 20%, suggesting that the second largest credit card issuer in India is coming out of the lockdown blues.
The SBI Card share price hit a low of Rs 495 in May. However, since then, it has shown an upward trend, surging by more than 50%.
Total market cap of the SBI Cards and Payment Services Ltd. stood at Rs 73675.24 crore.
As of 30-Jun-2020, DIIs held 2.58% stake in the firm, while foreign institutional investors held 4.23% and the promoters 69.53%.
This document is meant for the recipient only for use as intended and not for circulation. This document should not be reproduced or copied or made available to others. The information contained herein is from the public domain or sources believed to be reliable. While reasonable care has been taken to ensure that information given is at the time believed to be fair and correct and opinions based thereupon are reasonable, due to the very nature of research it cannot be warranted or represented that it is accurate or complete and it should not be relied upon as such. Also above note is not a recommendation to Buy or SELL and is only a view based on facts and figures and we will be in no way responsible for any losses incurred by anyone who uses this information to either trade or invests securities mentioned herein.