About SBI Cards and Payment Services Ltd.
SBI Cards and Payment Services Ltd. (NSE: SBICARD) is a non-banking financial company that offers extensive credit card portfolio to individual cardholders and corporate clients which includes lifestyle, rewards, travel & fuel, and banking partnerships cards along with corporate cards covering all major cardholders’ segments in terms of income profile and lifestyle. The Company has a wide base of over 21
MM+ cards in force as of 31 December 2025. SBI Card has a diversified customer acquisition network that enables to engage prospective customers across multiple channels. The Company is listed on National Stock Exchange (NSE) and The Bombay Stock Exchange (BSE).
Financial Performance
Profit after tax (PAT) of ₹557 crore, up 45% YoY compared to ₹383 crore in Q3 FY25. Total revenue was ₹5,353 crore, up 12% YoY from ₹4,767 crore. ROAA of 3.2% versus 2.4% a year ago. ROAE of 14.7% versus 11.5% a year ago. Capital adequacy (CRAR) was 24.4% and Tier 1 capital was 19.1%.
Business Highlights
Total spends were ₹1,14,702 crore, up 33% YoY. Receivables were ₹57,213 crore, up 4% YoY. Cards-in-force was at 2.18 crore (vs. 2.02 crore). New account volumes were 864,000 (vs. 1,175,000). Market share for Cards-in-force was 18.8% and spends were 17.7% (industry #2 and #3 respectively).
Profit & Loss Drivers
Total income increased by 12% at ₹5,353 crore versus ₹4,767 crore in Q3 FY25. This movement was a result of the following key factors: interest income increased by 6% at ₹2,536 crore in Q3 FY26 versus ₹2,399 crore in Q3 FY25; fees and other revenue increased by 17% at ₹2,591 crore in Q3 FY26 versus ₹2,220 crore in Q3 FY25.
Finance costs decreased by 5% YoY. Operating costs increased by 23% YoY, reflecting scale of operations. Earnings before credit costs increased by 8% YoY. Impairment charges decreased by 7% YoY. Profit after tax increased by 45% at ₹557 crore in Q3 FY26 versus ₹383 crore in Q3 FY25.
Balance Sheet
Total balance sheet size as of December 31, 2025 is at ₹67,365 crore as against ₹65,546 crore as of March 31, 2025. Total advances (net of provisions) as of December 31, 2025 is at ₹55,224 crore, as against ₹53,935 crore as of March 31, 2025. Net worth as of December 31, 2025, at ₹15,424 crore as against ₹13,853 crore as of March 31, 2025.
Asset Quality
The Gross non-performing assets were at 2.86% of gross advances as of December 31, 2025, as against 3.24% as of December 31, 2024. Net non-performing assets were at 1.28% as of December 31, 2025, as against 1.18% as of December 31, 2024.
Summary
SBI Cards delivered strong quarterly performance with robust YoY growth in profit, revenue, and card spends, along with improving asset quality and solid capital ratios. The business maintained leadership in market share and expanded its customer base, though new account volumes were lower sequentially.