Bengaluru, 25th October 2025 : 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
|
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