Total Revenue at ₹ 5,035 Cr Up 12% YoY; PAT at ₹ 556 Cr
NEW DELHI: The Board of Directors of SBI Cards and Payment Services Limited approved the Company’s results for the Quarter ended June 30, 2025, at their meeting held on Friday, July 25, 2025.
Performance Highlights Q1 FY26
- Total Revenue increased by 12% YoY at ₹ 5,035 Cr in Q1 FY26 v/s ₹ 4,483 Cr in Q1 FY25
- PAT at ₹ 556 Cr in Q1 FY26 v/s ₹ 594 Cr in Q1 FY25
- ROAA at 3.4% in Q1 FY26 v/s 4.1% in Q1 FY25
- ROAE at 15.8% in Q1 FY26 v/s 19.1% in Q1 FY25
- Capital Adequacy Ratio at 23.2%; Tier 1 at 17.9%
Business Highlights
- Cards-in-force grew by 10% YoY at 2.12 Cr as of Q1 FY26 v/s 1.92 Cr as of Q1 FY25
- New accounts volume at 873K in Q1 FY26 v/s 904K new accounts in Q1 FY25
- Spends grew by 21% YoY at ₹ 93,244 Cr in Q1 FY26 v/s ₹ 77,129 Cr in Q1 FY25
- Receivables grew by 7% YoY at ₹ 56,607 Cr in Q1 FY26 v/s ₹ 52,705 Cr in Q1 FY25
- Market share for Q1 FY26 Card-in-force is at 19.1% (Q1 FY25: 18.5%), Spends is at 16.6% (Q1 FY25: 15.9%), #2 for Cards-in-force and #3 for spends, in industry
Profit & Loss Account for the Quarter ended June 30, 2025
- Total income increased by 12% at ₹ 5,035 Cr in Q1 FY26 v/s ₹ 4,483 Cr in Q1 FY25. This movement was a result of the following key factors:
- Interest income increased by 11% at ₹ 2,493 Cr in Q1 FY26 v/s ₹ 2,243 Cr in Q1 FY25
- Fees and commission income was up by 13% at ₹ 2,384 Cr in Q1 FY26 v/s ₹ 2,115 Cr in Q1 FY25
- Finance costs increased by 6% at ₹ 813 Cr in Q1 FY26 v/s ₹ 767 Cr in Q1 FY25 due to higher receivables.
- Total Operating cost increased by 17% at ₹ 2,123 Cr in Q1 FY26 v/s ₹ 1,816 Cr in Q1 FY25
- Earnings before credit costs increased by 11% at ₹ 2,100 Cr in Q1 FY26 v/s ₹ 1,900 Cr in Q1 FY25
- Impairment losses & bad debts expenses increased by 23% at ₹ 1,352 Cr in Q1 FY26 v/s ₹ 1,101 Cr in Q1 FY25
- Profit after tax was down 6% at ₹ 556 Cr in Q1 FY26 v/s ₹ 594 Cr in Q1 FY25
Balance Sheet as of June 30, 2025
- Total Balance Sheet size as of June 30, 2025, has been ₹66,009 Cr as against ₹65,546 Cr as of March 31, 2025
- Total Gross Advances (Credit card receivables) as of June 30, 2025, were ₹56,607 Cr, as against ₹55,840 Cr as of March 31, 2025
- Net worth as of June 30, 2025, has been ₹14,413 Cr as against ₹13,853 Cr as of March 31, 2025
Asset Quality
The Gross non-performing assets were at 3.07% of gross advances as of June 30, 2025, as against 3.06% as of June 30, 2024. Net non-performing assets were at 1.42% as of June 30, 2025, as against 1.11% as of June 30, 2024.
Capital Adequacy
As per the capital adequacy norms issued by the RBI, the Company’s capital to risk ratio, consisting of Tier I and Tier II capita,l should not be less than 15% of its aggregate risk-weighted assets on – balance sheet and of the risk-adjusted value of off-balance sheet items. As of June 30, 2025, the Company’s CRAR was 23.2% compared to 20.6% as of June 30, 2024.
The Tier I capital in respect of an NBFC-ND-SI, at any point in time, can’t be less than 10%. Company’s Tier I capital was 17.9% as of June 30, 2025, compared to 16.8% as of June 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 | Q1 FY25 | Q4 FY25 | Q1 FY26 | QoQ | YoY |
| Interest Income | 2,243 | 2,415 | 2,493 | 3% | 11% |
| Non-Interest Income (Fees, commission income & others) | 2,115 | 2,259 | 2,384 | 6% | 13% |
| Total Revenue from operations | 4,359 | 4,674 | 4,877 | 4% | 12% |
| Total Other Income | 124 | 158 | 158 | 1% | 28% |
| Total Income | 4,483 | 4,832 | 5,035 | 4% | 12% |
| Finance costs | 767 | 795 | 813 | 2% | 6% |
| Operating Costs | 1,816 | 2,073 | 2,123 | 2% | 17% |
| Earnings before credit costs | 1,900 | 1,964 | 2,100 | 7% | 11% |
| Impairment losses & bad debts | 1,101 | 1,245 | 1,352 | 9% | 23% |
| Profit before tax | 799 | 719 | 748 | 4% | -6% |
| Profit after tax | 594 | 534 | 556 | 4% | -6% |
Summary Balance Sheet (₹ Cr)
| Description | Mar’25 | Jun’25 |
| Assets | ||
| Loans (Net of provisions) | 53,935 | 54,629 |
| Cash & Bank Balances | 2,738 | 2,266 |
| Investments | 6,235 | 6,329 |
| Other Financial Assets & Trade Receivables | 514 | 659 |
| Total non-financial Assets | 2,124 | 2,126 |
| Total Assets | 65,546 | 66,009 |
| Liabilities and Equity | ||
| Total Equity | 13,782 | 14,342 |
| Borrowings, Subordinated Liabilities & Debt Securities | 44,947 | 46,180 |
| Other financial liabilities | 4,974 | 3,661 |
| Total non-financial liabilities | 1,844 | 1,826 |
| Total liabilities and equity | 65,546 | 66,009 |