India's SBI Cards and Payment Services reported a surprise 11% rise in fourth-quarter profit on Friday as higher retail spending more than made up for a rise in bad loans.

The SBI credit card arm said that its interest income surged by 28% to Rs 2,139 crore in the January-March quarter and its fees and commission income grew by 6% to Rs 2,209 crore in the fourth quarter.

SBI Cards and Payment Services on April 26 reported an 11.05 percent rise in its net profit at Rs 662.37 crore in the March quarter of the financial year (FY) 2023-24, from Rs 596.47 crore recorded in the year-ago period.

SBI Cards and Payment Services saw its net profit rise 11% year-on-year (y-o-y) to Rs 662 crore in the January-March quarter due to a growth in receivables. This was around 15% higher than the Rs 578 crore Bloomberg consensus estimate.

SBI Card on Friday reported an 11 per cent rise in profit after tax to Rs 662 crore for the quarter ended March 2024.

SBI Card on Friday reported an 11 per cent rise in profit after tax to Rs 662 crore for the quarter ended March 2024. SBI Cards and Payment Services Ltd (SBI Card) had a profit of Rs 596 crore in the fourth quarter of 2022-23 fiscal.

SBI Cards and Payment Services Ltd recorded an 11.5% jump on a year-on-year (YoY) basis in its net profit to 662.4 crore in the January-March period in the financial year 2023–2