SBI Cards and Payment Services recently announced that the company has posted a net profit of Rs 175 cr, a whopping 110% increase for the quarter ended March 2021. The credit card company, promoted by the State Bank Of India, had posted a profit of Rs 84 crore in the last quarter of the fiscal year 2019-2020. Overall, the company, however, reported a decline in revenue to Rs 2,309 crore during the fourth quarter as against Rs 2,433 crore in the same period a year ago. Income too decreased to Rs 2,468 crore from Rs 2,510 crore in the same quarter in 2020. The company also said that it has recorded deterioration when it came to gross non-performing assets, which doubled to 4.99 per cent at the end of March 2021. In March 2020, it was at 2.01 per Key takeaways Covid slowdown led to a decrease in credit card usage: The company said that the slowdown during the year led to a decrease in the use of credit cards by customers and the efficiency in collection efforts. "This may lead to a rise in the number of customer defaults and consequently an increase in provisions there against," it said. Second wave of Covid-19 will continue to impact company performance: SBI Cards and Payments said that the second wave of Covid-19 will continue to impact the Company's results -- which include future developments such as either concerning the severity of the COVID-19 pandemic or any action to contain its spread…
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