SBI Cards and Payment Services announced its September quarter performance today, post-market hours, reporting a 10% YoY jump in its net profit at ₹445 crore, compared to a net profit of ₹404 crore, but showing a sharp 20% QoQ drop.
It reported a 13% YoY increase in total income to ₹5,136 crore compared to ₹4,556 crore in Q2 FY25. The company’s interest income rose by 9% YoY to ₹2,493 crore in Q2 FY26, up from ₹2,290 crore in the same period last year but remained flat on a sequential basis.
The fees and commission income saw a 16% increase to ₹2,471 crore in Q2 FY26 compared to ₹2,131 crore in the same period last year.
Key profitability metrics showed a decline, with Return on Average Assets (ROAA) at 2.6% for Q2 FY26 versus 3% in Q2 FY25, and Return on Average Equity (ROAE) at 12.1% compared to 12.47% in the prior-year quarter, according to the company’s Q2 earnings filing.
Asset quality improves
On the asset quality front, the Gross Non-Performing Assets (GNPA) were at 2.85% of gross advances as of September 30, 2025, as against 3.27% as of September 30, 2024. Net Non-Performing Assets (NNPA) were at 1.29% as of September 30, 2025, as against 1.19% as of September 30, 2024.
Meanwhile, the company’s credit cost declined to 9.0% versus 9.6% in the previous quarter. It cited continued focus on collections, portfolio action, and quality underwriting.
Continued growth in spends
Its cards-in-force grew by 10% YoY, reaching 2.15 crore as of Q2 FY26 compared to 1.96 crore in Q2 FY25. New account volumes also rose mildly, with 9.36 lakh new accounts opened in Q2 FY26 versus 9.04 lakh in the same period last year.
Spends increased sharply by 31% YoY and 15% QoQ to ₹1,07,063 crore from ₹81,893 crore in the September 2024 quarter, and receivables saw an 8% YoY growth to ₹59,845 crore in Q2 FY26, up from ₹55,601 crore in Q2 FY25.
The company is a non-banking financial company that offers an extensive credit card portfolio to individual cardholders and corporate clients, which includes lifestyle, rewards, travel & fuel, and banking partnership cards, along with corporate cards covering all major cardholder segments in terms of income profile and lifestyle.
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