SBI Cards reports solid Q2 FY26 performance with increased revenue

SBI Cards and Payment Services Limited reported total revenue of ₹5,136 Cr for the quarter ended September 30, 2025, a 13% year-over-year increase, with profit after tax reaching ₹445 Cr, up 10% year-over-year. The company saw 31% year-over-year growth in spends to ₹107,063 Cr and an 8% increase in receivables to ₹59,845 Cr. New accounts grew 4% year-over-year, reaching 9.36 lacs. The capital adequacy ratio stood at 22.5%, with Tier 1 capital at 17.5%.

ICRA reaffirmed SBI Cards' ratings, including [ICRA]AAA (Stable) for non-convertible debentures and bank lines, citing strong parentage, adequate capitalization, and strategic importance to State Bank of India. The rating for term loans was enhanced to [ICRA]AAA (Stable) for an increased amount of ₹15,000. These ratings reflect a stable outlook despite weakened asset quality indicators, with gross stage 3 at 3.1% as of June 30, 2025.

The company also highlighted key business metrics, including a 10% year-over-year growth in cards-in-force to 2.15 Cr and robust retail and corporate spend increases. Investor presentations detailing these financial results and business strategies were made available.