SBI Cards and Payment Services reported a 10% year-on-year increase in net profit to ₹445 crore for the September quarter. Total credit card spending hit ₹1.07 trillion—a 31% jump—driven by robust new account additions and higher retail and corporate transactions, signaling resilience amid cost pressures.
SBI Cards and Payment Services registered net profit growth of 10% year-on-year, reaching ₹445 crore for Q2 FY26, compared to ₹404 crore in the same period last year. Revenue from operations climbed 13% to ₹5,136 crore. The quarter was marked by a substantial surge in total cardholder spending—which soared by 31% to ₹1.07 trillion—reflecting strong demand during the festive season and new product launches.
The company added 936,000 new accounts in the quarter, supporting growth. Retail spending rose 17%, while corporate spending jumped an impressive 218%. Asset quality improved, with gross NPA dipping to 2.85%. However, higher campaign outlays and reduced interest-earning receivables did exert margin pressure, and net profit missed some analyst targets.
SBI Cards maintained its market share as India’s second-largest credit card issuer and guided for manageable credit costs and continued growth in the EMI segment.
Major Takeaways:
-
Net profit up 10% YoY to ₹445 crore, revenue up 13% at ₹5,136 crore.
-
Total card spending for the quarter at ₹1.07 trillion, up 31% YoY.
-
936,000 new accounts added; retail spending up 17%, corporate spending up 218%.
-
Gross NPA declined to 2.85%, asset quality improvement noted.
-
Higher costs tied to festive campaigns led to margin pressure; guidance for steady credit costs.
Sources: Economic Times, Financial Express, Business Standard, ScanX Trade.