SBI Cards' Financial Performance in Q1

MUMBAI: SBI Cards has announced a 6.4% decline in net profit for the June quarter, totaling Rs. 556 crore, down from Rs. 594 crore in the previous year. This downturn is attributed to increased impairment losses and bad debts, despite revenue growth.

The company's provisions have seen a significant rise, increasing by 22.8% year-over-year to Rs. 1,352 crore, reflecting the challenges faced in the current financial climate.

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