India · Delayed Price · Currency is INR SBI Cards and Payment Services Earnings Call Transcripts
Fiscal Year 2026
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Revenue and profit grew 11% and 13% YoY for FY 2026, with strong digital and retail spend momentum. Asset quality improved, cost-to-income rose due to higher corporate spends, and management remains cautious amid macro uncertainties.
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Revenue grew 11% YoY and profit after tax surged 45% YoY, driven by higher spend-based income and improved credit costs. Asset growth lagged spend growth due to a cautious approach, while margins are expected to shrink as revolver share declines.
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Revenue grew 13% YoY to INR 5,136 crore and profit after tax rose 10% YoY, driven by record spend and strong digital engagement. Asset quality improved, with gross NPA down to 2.85% and credit cost expected below 9% in coming quarters.
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Revenue grew 12% year-over-year in Q1 FY26, with profit after tax down 6% and card spends up 21%. Receivables growth guidance was revised to 10–12%, and credit costs are expected to remain range-bound.
Fiscal Year 2025
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Strong Q4 and FY25 performance with 8% YoY revenue growth and improved asset quality. Receivables rose 10% YoY, NIM exceeded 11%, and retail spends grew 18% YoY. Management expects steady NIMs, cautious credit cost outlook, and continued digital expansion.
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Cards in force grew 10% year-on-year, with robust digital and online spend growth. Asset quality is stabilizing, though credit costs remain elevated but are expected to moderate gradually. Receivables growth for FY26 is projected at 12%-15%, with a stable cost-to-income ratio around 52%.
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Revenue grew 8% year-on-year to INR 4,556 crore, but profit after tax declined due to higher credit costs and OpEx. Asset quality remains under pressure with gross NPAs at 3.27% and credit costs at 9%, though early delinquency inflows are improving.
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Cards in force grew 11% year-over-year, with strong retail and installment spend growth. Credit costs and GNPA rose due to over-leveraging, but revenue and receivables also increased. Guidance maintains elevated credit costs for the year, with continued focus on prudent growth and portfolio actions.