SBI Cards and Payment Services Limited is a non-deposit accepting systemically important nonbanking financial company registered with the RBI. The Company is engaged in issuing credit cards to consumers in India. It is headquartered in Gurgaon, Haryana. It is a subsidiary of India’s largest commercial bank, the State Bank of India. Presenting below are its Q2 FY26 earnings results.
Q2 FY26 Earnings Results
Total Income: ₹5,136 crore, up 13% YoY from ₹4,556 crore in Q2 FY25.
Revenue from Operations: ₹4,961 crore, up 12.2% YoY.
EBITDA: Operating cost increased by 24% YoY to ₹2,484 crore.
Profit Before Tax (PBT): ₹599.8 crore, up 10% YoY from ₹545.2 crore.
Profit After Tax (PAT): ₹445 crore, up 10% YoY from ₹404 crore.
Earnings Per Share (EPS): ₹4.67, up from ₹4.25 in Q2 FY25.
Interest Income: ₹2,490 crore, up 9% YoY.
Fees & Commission Income: ₹2,471 crore, up 16% YoY.
Finance Costs: ₹760 crore, down 4% YoY.
Gross NPA: 2.85% (down YoY from 3.27%).
Net NPA: 1.29% (down YoY from 1.39%).
Cards-in-force: 2.15 crore, up 10% YoY.
New Accounts Added: 9.36 lakh.
Total Customer Spends: ₹1,07,063 crore, up 31% YoY.
Receivables: ₹59,845 crore, up 8% YoY.
Record Date for Dividend: Not specified for Q2.
Balance Sheet Size: ₹69,862 crore (Sep 30, 2025) vs ₹65,546 crore (March 31, 2025).
Management Commentary & Strategic Directions
-
Management credited the solid quarter to “record customer spends, continued new account acquisitions, and healthy cardholder base expansion.”
-
New co-branded products launched with PhonePe, Flipkart, and IndiGo enhanced digital acquisition and festive campaign engagement.
-
Operating costs rose due to increased business volumes and higher marketing spend, but credit costs improved and asset quality stabilized.
-
The company received multiple industry awards for compliance, innovation, and digital excellence, including a National AI Award for its revamped mobile app.
-
SBICARD continues to optimize profitability by focusing on quality acquisitions, innovation in digital payments, and prudent underwriting.
-
The cost-to-income ratio guidance for FY 2026 is at the higher end (54-56%) due to sustained growth in corporate and festive spends.
-
Management expects credit cost to remain below 9% in the next two quarters and targets 0.9–1 million new accounts per quarter going forward.
Q1 FY26 Earnings Results
Total Income: ₹5,035 crore, up 12% YoY from ₹4,483 crore in Q1 FY25.
Net Profit (PAT): ₹556 crore, down 6% YoY from ₹594 crore.
EBITDA: ₹1,438 crore, down 4% YoY from ₹1,496 crore.
EPS: ₹5.84, down 7% YoY.
GNPA: 3.07%, reflecting stable asset quality.
Net Interest Income (NII): ₹1,680 crore, up 13.8% YoY.
Receivables: ₹58,779 crore.
Credit cost: 9.6%, highest in 16 quarters due to additional provisioning.
To view the company’s previous earnings and latest concall transcripts, click here to visit the Alphastreet India news channel.