Total Revenue at ₹ 5,136 Cr Up 13% YoY; PAT at ₹ 445 Cr Up 10% YoY
The Board of Directors of SBI Cards and Payment Services Limited approved the Company’s results for the Quarter ended September 30, 2025
Performance Highlights Q2 FY26
Total Revenue increased by 13% YoY at ₹ 5,136 Cr in Q2 FY26 v/s ₹ 4,556 Cr in Q2 FY25
PAT at ₹ 445 Cr in Q2 FY26 v/s ₹ 404 Cr in Q2 FY25
ROAA at 2.6% in Q2 FY26 v/s 2.7% in Q2 FY25
ROAE at 12.1% in Q2 FY26 v/s 12.5% in Q2 FY25
Capital Adequacy Ratio at 22.5%; Tier 1 at 17.5%
Business Highlights
Cards-in-force grew by 10% YoY at 2.15 Cr as of Q2 FY26 v/s 1.96 Cr as of Q2 FY25
New accounts volume at 936K in Q2 FY26 v/s 904K new accounts in Q2 FY25
Spends grew by 31% YoY at ₹ 107,063 Cr in Q2 FY26 v/s ₹ 81,893 Cr in Q2 FY25
Receivables grew by 8% YoY at ₹ 59,845 Cr in Q2 FY26 v/s ₹ 55,601 Cr in Q2 FY25
Market share for *Q2 FY26 Card-in-force is at 19.0% (Q2 FY25: 18.5%), Spends is at 17.0% (Q2 FY25: 15.7%), #2 for Cards-in-force and #3 for spends, in industry. (Note-* As per RBI data available till Aug’25).
Profit & Loss Account for the Quarter ended September 30, 2025
Total income increased by 13% at ₹ 5,136 Cr in Q2 FY26 v/s ₹ 4,556 Cr in Q2 FY25. This movement was a result of the following key factors:
Interest income increased by 9% at ₹ 2,490 Cr in Q2 FY26 v/s ₹ 2,290 Cr in Q2 FY25
Fees and commission income increased by 16% at ₹ 2,471 Cr in Q2 FY26 v/s ₹ 2,131 Cr in Q2 FY25
Finance costs declined by 4% at ₹ 760 Cr in Q2 FY26 v/s ₹ 788 Cr in Q2 FY25 due to Lower cost of borrowings.
Total Operating cost increased by 24% at ₹ 2,484 Cr in Q2 FY26 from ₹ 2,011 Cr in Q2 FY25
Earnings before credit costs increased by 8% at ₹ 1,892 Cr in Q2 FY26 v/s ₹ 1,757 Cr in Q2 FY25
Impairment losses & bad debts expenses increased by 7% at ₹ 1,293 Cr in Q2 FY26 v/s ₹ 1,212 Cr in Q2 FY25
Profit after tax increased by 10% at ₹ 445 Cr in Q2 FY26 v/s ₹ 404 Cr in Q2 FY25
Balance Sheet as of September 30, 2025
Total Balance Sheet size as of September 30, 2025, was ₹ 69,862 Cr as against ₹ 65,546 Cr as of March 31, 2025
Total Advances (Net of provisions) as of September 30, 2025, were ₹ 57,856 Cr, as against ₹ 53,935 Cr as of March 31, 2025
Net worth as of September 30, 2025, was ₹ 14,861 Cr as against ₹ 13,853 Cr as of March 31, 2025
Asset Quality
The Gross non-performing assets were at 2.85% of gross advances as of September 30, 2025, as against 3.27% as of September 30, 2024. Net non-performing assets were at 1.29% as of September 30, 2025, as against 1.19% as of September 30, 2024.
Capital Adequacy
As per the capital adequacy norms issued by the RBI, Company’s capital to risk ratio consisting of Tier I and Tier II capital should not be less than 15% of its aggregate risk weighted assets on - balance sheet and of risk adjusted value of off-balance sheet items. As of September 30, 2025, Company’s CRAR was 22.5% compared to 22.1% as of September 30, 2024.
The Tier I capital in respect of an NBFC-ND-SI, at any point of time, can’t be less than 10%. Company’s Tier I capital was 17.5% as of September 30, 2025, compared to 16.3% as of September 30, 2024.
Rating
CRISIL Long Term - AAA/Stable
CRISIL Short Term - A1+
ICRA Long Term - AAA/Stable
ICRA Short Term - A1+
Summary Profit and Loss Statement (₹ Cr)
Summary Balance Sheet (₹ Cr)
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