India's SBI Card posts higher quarterly profit on asset quality boost

SBI Card reported a 19.5 percent year-on-year rise in profit after tax to 6.64 billion rupees for the quarter ended June 30, supported by an asset quality improvement. Total revenue from operations rose 3.4 percent year-on-year to 50.41 billion rupees, while card spending jumped 27 percent to 1.18 trillion rupees. Gross non-performing assets improved to 2.04 percent from 2.41 percent the previous quarter, and loan loss provisions fell 30 percent year-on-year to 9.48 billion rupees.