SBI Cards: ICRA Reaffirms Ratings, Boosts Term Loans

SBI Cards and Payment Services Limited (SBICPSL) has received reaffirmed credit ratings from ICRA Limited, with an enhanced amount for term loans and the withdrawal of ratings for matured instruments. As of October 24, 2025, Non-convertible debentures and Subordinated debt ratings were reaffirmed at [ICRA]AAA (Stable) for amounts of INR 8,550 crore and INR 5,300 crore, respectively. The rating for INR 500 crore in Non-convertible debentures was withdrawn due to no outstanding amount.

Long-term/Short-term Bank lines and Commercial paper (CP) programmes, totaling INR 34,000 crore and INR 13,000 crore, were reaffirmed at [ICRA]AAA (Stable)/[ICRA]A1+. Notably, term loans saw an enhanced rated amount, increasing from INR 10,000 crore to INR 15,000 crore, reaffirmed at [ICRA]AAA (Stable).

The ratings highlight SBICPSL's strong parentage with State Bank of India, adequate capitalisation, and a solid liquidity position, despite a reported decline in net profitability in FY2025 to 3.0% (from 4.5% in FY2024), improving slightly to 3.3% in Q1 FY2026. Gross stage 3 assets increased to 3.1% as on June 30, 2025, compared to 2.8% on March 31, 2024.