SBI Cards on Friday, July 25, reported a net profit of ₹556 crore for the current financial year (Q1 FY26), down 6.4% from ₹594 crore in the same period last year.
SBI Cards’ total income from operations rose 12% to ₹4,877 crore as against ₹3,683 crore in the same period a year ago. The company’s interest income grew 11% year-on-year to ₹2,493 crore and income from fees and commissions grew 14% to ₹2,191 crore.
The company’s cards-in-force (CIF), i.e. the total number of credit and debit cards currently active and being used by cardholders at a financial institution, grew 10% year-on-year to 2.12 crores, as against 1.92 crores in the same period a year ago.
The country’s leading credit card issuer reported strong growth in customer spends and stable asset quality, despite a marginal decline in new accounts.
Spends grew 21% year-on-year to ₹93,244 crore in Q1 FY26 as against ₹77,129 crores in Q1 FY25, reflecting a continued uptick in consumption trends. New accounts added stood at 8.73 lakh new accounts, marginally lower than 9.04 lakh accounts opened in the same period a year ago, SBI Cards said in a press release.
The market share of cards-in-force increased to 19.1% (compared to 18.5% in Q1 FY25), while the market share of spends increased from 15.9% to 16.6% on a year-on-year basis. The company retained its second position in cards-in-force and third in spends in the industry.
During the quarter, finance costs increased 6% to ₹813 crore due to a larger receivable base. Operating costs increased 17% year-on-year to ₹2,123 crore, SBI Cards said.
The company maintained stable asset quality. Gross NPA stood at 3.07%, almost unchanged from 3.06% in Q1 FY25. Net NPA, however, increased from 1.11% to 1.42% on a year-on-year basis.
SBI Cards shares closed 0.37% higher at ₹ 889 ahead of its earnings announcement.
