Despite the drop in profitability, the company's total income rose 12% to Rs 5,035 crore, compared to Rs 4,483 crore in the same period last year. This was driven by a steady rise in core revenue streams: interest income climbed 11% to Rs 2,493 crore, while fees and commission income rose 13% to Rs 2,384 crore.
However, the bottom line came under pressure as finance costs increased 6% to Rs 813 crore, primarily due to higher receivables. Operating costs jumped 17% to Rs 2,123 crore, and impairment losses and bad debt provisions surged 23% to Rs 1,352 crore, up from Rs 1,101 crore a year earlier.
Operationally, the company continued to expand its base. In Q1 FY26, cards-in-force rose 10% YoY to 2.12 crore, and total card spends increased 21% YoY to Rs 93,244 crore. While new account additions dipped slightly to 8.73 lakh in Q1 FY26 from 9.04 lakh in Q1 FY25, the company saw growth in receivables, which rose 7% YoY to Rs 56,607 crore.
SBI Cards maintained its strong position in the market, with a 19.1% share in cards-in-force (up from 18.5% in Q1 FY25) and a 16.6% share in spends (up from 15.9% in Q1 FY25), ranking #2 by card base and #3 by spends in the industry.
Asset quality showed marginal deterioration. Gross non-performing assets were at 3.07% of gross advances as of June 2025, as against 3.06% as of June 2024. Net non-performing assets were at 1.42% as of June 2025, as against 1.11% as of June 2024.
As of June 2025, total gross advances (credit card receivables) stood at Rs 56,607 crore, slightly higher than Rs 55,840 crore at the end of March 2025.
As of June 2025, the company's CRAR was 23.2% compared to 20.6% as of June 2024. The company's Tier I capital was 17.9% as of June 2025, compared to 16.8% as of June 2024.
SBI Card is a non-banking financial company that offers a wide range of credit cards for individuals and businesses. Its portfolio includes lifestyle, rewards, travel, fuel, and co-branded cards, as well as corporate cards, catering to different income groups and spending needs.