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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