Earnings Review
SBI Cards PAT rises for 1st time in 5 quarters; misses view
This story was originally published at 19:24 IST on 24 October 2025
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--SBI Cards Jul-Sept net profit INR 4.45 bln
--Analysts saw SBI Cards Jul-Sept net profit at INR 6.05 bln
--SBI Cards Jul-Sept net profit INR 4.45 bln vs INR 4.04 bln year ago
--SBI Cards Jul-Sept revenue INR 49.61 bln vs INR 44.21 bln year ago
--SBI Cards Apr-Sept net profit INR 10.01 bln vs INR 9.99 bln year ago
--SBI Cards Apr-Sept revenue INR 98.38 bln vs INR 87.80 bln year ago
--SBI Cards gross NPA ratio 2.85% as on Sept 30, down 22 bps on qtr
--SBI Cards net NPA ratio 1.29% as on Sept 30, down 13 bps on qtr
--SBI Cards Jul-Sept receivables at INR 598.45 bln, up 8% on year
--SBI Cards Jul-Sept NIM 11.2%, unch on qtr, up 61 bps on year
--SBI Cards Jul-Sept credit cost 9.0%, down 2 bps on yr, down 58 bps on qtr
--SBI Cards: Cards-in-force at 21.5 mln as on Sept 30, up 10% on year
--SBI Cards Jul-Sept retail spends INR 896.11 bln, up 17% on year
--SBI Cards: Q2 spends INR 1.07 tln, up 31% on year
--SBI Cards: Q2 new accounts volume 936,000 vs 904,000 year ago
By Shubham Rana
NEW DELHI – SBI Cards and Payments Services Ltd.'s net profit rose year on year for the first time in five quarters in Jul-Sept, thanks to higher fee income and a rise in margins. Despite the rise, the September quarter net profit was lower than analysts' expectations.
The company's net profit rose 10% on year to INR 4.45 billion. Sequentially, the net profit was down 20%. Analysts had expected SBI Cards' net profit to rise 50% on year to INR 6.05 billion in the September quarter.
The company's total income rose 13% on year to INR 51.36 billion in the September quarter. Revenue from operations rose 12% on year to INR 49.61 billion in Jul-Sept, led by a 16% on-year increase in fees and commission income to INR 22.65 billion. Business development incentive income increased 33% on year to INR 1.85 billion, adding to total revenue. Other income also increased 30% on year to INR 1.76 billion in the September quarter.
Total expenses were up 13% on year at INR 45.37 billion in the September quarter, driven by a 22% rise in operating and other expenses to INR 20.22 billion. Fees and commission expenses jumped 82% on year to INR 2.69 billion in Jul-Sept.
SBI Cards' net interest margin rose 61 basis points on year to 11.2% in the September quarter but was up just 1 bps on quarter. The company's credit cost was 9.0% in Jul-Sept, down 2 bps on year and 58 bps on quarter.
SBI Cards' asset quality broadly improved in the September quarter. Its gross non-performing asset ratio was 2.85% as of Sept. 30, down 43 bps on year and 22 bps on quarter. The net NPA ratio was 1.29% as of Sept. 30, down 13 bps on quarter but up 10 bps on year.
The company's receivables rose 8% on year to INR 598.45 billion in the September quarter. Cards-in-force increased 10% on year to 21.5 million as on Sept. 30. New accounts volume rose to 936,000 in the September quarter from 904,000 a year ago.
Card spends rose 31% on year to INR 1.07 trillion in Jul-Sept. Retail spends, which make up the bulk of the total spends, rose 17% on year to INR 896.11 billion in the September quarter. Corporate spends more than tripled year on year to INR 174.52 billion in Jul-Sept.
SBI Cards' net profit for Apr-Sept was INR 10.01 billion, a tad higher than INR 9.99 billion a year ago. Total revenue from operations was INR 98.38 billion in the six months to September against INR 87.80 billion a year ago.
On Friday, shares of SBI Cards ended flat at INR 928.95 on the National Stock Exchange. The company announced its earnings after market hours. End
Edited by Akul Nishant Akhoury
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