SBI Cards And Payment Services Limited Report Robust Financial Results For Quarter Ended September 30, 2025

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)

 

Description	Q2 FY25	Q1 FY26	Q2 FY26	QoQ	YoY
Interest Income	2,290	2,493	2,490	0%	9%
Non-Interest Income (Fees, commission income & others)	2,131	2,384	2,471	4%	16%
Total Revenue from operations	4,421	4,877	4,961	2%	12%
Total Other Income	135	158	175	11%	30%
Total Income	4,556	5,035	5,136	2%	13%
Finance costs	788	813	760	-6%	-4%
Operating Costs	2,011	2,123	2,484	17%	24%
Earnings before credit costs	1,757	2,100	1,892	-10%	8%
Impairment losses & bad debts	1,212	1,352	1,293	-4%	7%
Profit before tax	545	748	600	-20%	10%
Profit after tax	404	556	445	-20%	10%

 

Summary Balance Sheet (₹ Cr)

 

Description	Mar'25	Sep'25
Assets
Loans (Net of provisions)	53,935	57,856
Cash & Bank Balances	2,738	3,333
Investments	6,235	5,906
Other Financial Assets & Trade Receivables	514	656
Total non-financial Assets	2,124	2,111
Total Assets	65,546	69,862
Liabilities and Equity
Total Equity	13,782	14,789
Borrowings, Subordinated Liabilities & Debt Securities	44,947	49,225
Other financial liabilities	4,974	4,028
Total non-financial liabilities	1,844	1,820
Total liabilities and equity	65,546	69,862