SBI Cards and Payment Services (SBICARD) Q3 25/26 earnings summary

Executive summary

• India’s GDP growth and digital payments adoption supported robust domestic demand and credit card usage.

• Achieved strong profitability in Q3 FY26, with PAT up 45% YoY to ₹557 Cr and revenue from operations up 11% YoY to ₹5,127 Cr.

• Net new accounts grew 26% YoY, with cards-in-force up 8% YoY and a market share of 18.8%.

• Strategic partnerships and customer-centric campaigns, including with Apple, Amazon, and Flipkart, drove engagement and spend growth.

• Unaudited financial results for the quarter and nine months ended December 31, 2025, were approved and reviewed by the Board and statutory auditors.

Financial highlights

• Revenue from operations grew 11% YoY to ₹5,127 Cr, with PAT at ₹557 Cr, up 45% YoY.

• Retail spends reached ₹91,962 Cr, up 14% YoY; online spends contributed 62.1% of total retail spends for the nine months.

• Receivables stood at ₹57,213 Cr, up 4% YoY; operating cost increased 23% YoY.

• Cost-to-income ratio for the quarter was 56.8%.

• Earnings per share (basic and diluted) for the quarter were ₹5.85, up from ₹4.67 YoY.

Outlook and guidance

• Targeting acquisition of 900,000 to 1 million new accounts per quarter, focusing on quality and premium segments.

• Asset growth guidance withheld due to portfolio mix changes; focus remains on sustainable, profitable growth.

• Cost-to-income ratio expected to remain in the 55–57% range for FY 2026.

• Management expects continued business growth and has made additional impairment provisions to reduce volatility in future impairment costs.

• Margins expected to shrink in the near to medium term as revolver share declines and yields trend downward.