SBI Cards & Payment Services (SBI Card) has reported a net profit of INR3.93bn ($52.66m) for the quarter ended in June 2020.

The figure is nearly a 14% increase over INR3.45bn registered in the same three-month period a year ago.

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The rise was due to higher interest income and lower tax outgo.

SBI Card’s interest income jumped 35% y-o-y to INR14.12bn in the April-June quarter. In the same time period, its tax outgo dropped to INR1.35bn, Livemint reported citing company statement.

The number of new accounts opened dropped significantly to 288,000 in the last quarter. The figure was 797,000 in Q1 fiscal year 2020 and 851,000 in the quarter that ended in March 2020.

As on 30 June 2020, the total cards in force stood at 10.6 million.

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SBI Card also noted that daily average spends improved to 76.5% of pre-Covid level for June 2020 from 54% for May 2020.

Its asset quality also improved in the last three-month period. The balance sheet size was INR242.6bn, as of 30 June 2020.

SBI Cards and Payment Services is a non-banking financial company that provides credit card solutions to individuals and corporate clients.

In February this year, SBI Card introduced retail co-branded credit cards, in a partnership with retail conglomerate Landmark Group. The cards are available in Base, SELECT and PRIME versions.