SBI Cards and Payment Services (SBICARD) Q4 2025 earnings summary

Executive summary

• Achieved robust business performance in FY25, reaching over 2 crore cards in force and maintaining leadership as India's largest pure-play credit card issuer.

• Retail spends grew 18% YoY, with receivables up 10% YoY and new accounts increasing 8% in Q4 FY25.

• Q4 FY25 profits rose 39% sequentially, though annual PAT declined 20% YoY; credit costs declined to 9%.

• Focused on digital onboarding, premium segment expansion, technology investments, and launched new co-branded and travel-focused cards.

• Continued ESG initiatives, reduced paper usage, and declared an interim dividend of INR 2.50 per share.

Financial highlights

• FY25 total income was INR 18,637 crore, up 7% YoY; Q4 FY25 income was INR 4,674 crore, up 8% YoY.

• FY25 PAT was INR 1,916 crore, down from INR 2,408 crore YoY; Q4 FY25 PAT was INR 534 crore, up 39% QoQ but down 19% YoY.

• Q4 retail spends were INR 80,000 crore, up 15% YoY; full-year retail spends exceeded INR 300,000 crore, up 18% YoY.

• Receivables grew 10% YoY to INR 55,840 crore in March 2025; total assets reached INR 65,545.80 crore.

• NIM improved to over 11% in Q4 FY25; cost of funds decreased to 7.2%.

Outlook and guidance

• Management expects steady NIM with upward bias as cost of funds benefit from RBI rate cuts with a lag.

• Credit cost expected to moderate, but management remains cautious due to macroeconomic uncertainties.

• Card acquisition to continue at 1.1 million per quarter; receivables growth expected at 12%-14% in FY26.

• Cost-to-income ratio projected at 55%-57% for FY26, up from 52% in FY25 due to higher acquisition and spend costs.

• CAR remains above 22%, with daily cost of funds stable.