Impairment losses & bad debts expenses increased by 7% at Rs1,293 Cr in Q2 FY26 v/s Rs1,212 Cr in Q2 FY25; Cards-in-force grew by 10% YoY at 2.15 Cr as of Q2 FY26 v/s 1.96 Cr as of Q2 FY25
FinTech BizNews Service
Mumbai, October 24, 2025: The Board of Directors of SBI Cards and Payment Services
Limited approved the Company’s results for the Quarter ended September 30, 2025, at their meeting held on Friday, October 24, 2025.
Performance Highlights Q2 FY26
· Total Revenue increased by 13% YoY at Rs 5,136 Cr in Q2 FY26 v/s Rs 4,556 Cr in Q2
FY25
· PAT at Rs 445 Cr in Q2 FY26 v/s Rs 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 Rs 107,063 Cr in Q2 FY26 v/s Rs 81,893 Cr in Q2 FY25
· Receivables grew by 8% YoY at Rs 59,845 Cr in Q2 FY26 v/s Rs 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 Rs 5,136 Cr in Q2 FY26 v/s Rs 4,556 Cr in Q2 FY25.
This movement was a result of the following key factors:
o Interest income increased by 9% at Rs 2,490 Cr in Q2 FY26 v/s Rs 2,290 Cr in Q2
FY25
o Fees and commission income increased by 16% at Rs 2,471 Cr in Q2 FY26 v/s Rs
2,131 Cr in Q2 FY25
· Finance costs declined by 4% at Rs 760 Cr in Q2 FY26 v/s Rs 788 Cr in Q2 FY25 due to
Lower cost of borrowings.
· Total Operating cost increased by 24% at Rs 2,484 Cr in Q2 FY26 from Rs 2,011 Cr in Q2
FY25
· Earnings before credit costs increased by 8% at Rs 1,892 Cr in Q2 FY26 v/s Rs 1,757 Cr
in Q2 FY25
· Impairment losses & bad debts expenses increased by 7% at Rs 1,293 Cr in Q2 FY26
v/s Rs 1,212 Cr in Q2 FY25
· Profit after tax increased by 10% at Rs 445 Cr in Q2 FY26 v/s Rs 404 Cr in Q2 FY25
Balance Sheet as of September 30, 2025
· Total Balance Sheet size as of September 30, 2025, was Rs 69,862 Cr as against Rs
65,546 Cr as of March 31, 2025
· Total Advances (Net of provisions) as of September 30, 2025, were Rs 57,856 Cr, as
against Rs 53,935 Cr as of March 31, 2025
· Net worth as of September 30, 2025, was Rs 14,861 Cr as against Rs 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+
