SBI Cards and Payment Services’ net profit rose 10% year-on-year to Rs 445 crore for the September quarter. However, it came in below the Bloomberg consensus estimate of Rs 572 crore. On a sequential basis, the net profit fell by 20%.

The growth in retail and corporate spending aided the increase in bottomline for the quarter. Retail spending increased by 17% y-o-y to Rs 89,611 crore, while corporate spending surged 218% to Rs 17,452 crore.

Overall spending increased by 31% y-o-y and 15% sequentially to Rs 1.07 lakh crore, while receivables increased by 8% y-o-y to Rs 59,845 crore. Revenue from operations rose by 12% y-o-y to Rs 4,961 crore for the quarter.

Within receivables, the share of interest earning receivable book, which include revolver and EMI, reduced to 56% as on September

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