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SBI Card Posts Higher Quarterly Profit

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SBI Cards and Payment Services has posted a higher quarterly profit, driven by a drop in provisions for bad loans and improved asset quality. The company's profit after tax rose 19.5% to ₹6.64 billion for the quarter ended June 30.

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SBI Card Posts Higher Quarterly Profit

SBI Cards and Payment Services has posted a higher quarterly profit, driven by a drop in provisions for bad loans and improved asset quality. The company's profit after tax rose 19.5% to ₹6.64 billion for the quarter ended June 30. The company's card spending rose as demand for credit remained strong after picking up in the second half of the previous year. The improved asset quality and reduced provisions for bad loans contributed to the company's higher profit. The company's results are a positive sign for the Indian banking sector, which has been facing challenges in recent years.

The Economic Times

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