SBI Cards Q4 Net Profit Rises 14% to ₹609 Cr; Full Year PAT at ₹2,167 Cr

Mumbai, April 27, 2026: SBI Cards and Payment Services Limited, India's largest pure-play credit card issuer, declared its audited financial results for the quarter and year ended March 31, 2026.

The Board of Directors approved the financial results during a meeting held today, which commenced at 12:30 PM and concluded at 2:33 PM. The company has already declared an interim dividend of ₹2.50 per equity share (25% on face value of ₹10 each) for the financial year 2025-26.

Key Financial Highlights – Q4 FY26

• Net Profit: ₹609 crore (vs ₹534 crore in Q4 FY25, up 14%)

• Total Revenue from Operations: ₹4,935 crore (vs ₹4,674 crore in Q4 FY25, up 5.6%)

• Interest Income: ₹2,382 crore (vs ₹2,415 crore in Q4 FY25)

• Fees and Commission Income: ₹2,343 crore (vs ₹2,093 crore in Q4 FY25, up 12%)

• Profit Before Tax (PBT): ₹816 crore (vs ₹719 crore in Q4 FY25, up 13.5%)

• Earnings Per Share (Basic): ₹6.40 (vs ₹5.62 in Q4 FY25)

Full Year FY26 Performance

• Net Profit for FY26: ₹2,167 crore (vs ₹1,916 crore in FY25, up 13%)

• Total Revenue from Operations for FY26: ₹19,900 crore (vs ₹18,072 crore in FY25, up 10%)

• Profit Before Tax for FY26: ₹2,913 crore (vs ₹2,581 crore in FY25, up 13%)

• Earnings Per Share (Basic) for FY26: ₹22.77 (vs ₹20.15 in FY25)

Dividend Announcement

The Board of Directors has already declared an interim dividend of ₹2.50 per equity share (25% on face value of ₹10 each) for the financial year 2025-26 in accordance with Section 123(3) of the Companies Act, 2013.

• Total dividend payout for FY26: Not separately disclosed

• Record date: Already determined at the time of interim dividend declaration

Asset Quality Improves Significantly

The company demonstrated sharp improvement in asset quality during the year:

• Gross NPA (Stage 3): 2.41% as of March 31, 2026 (down from 3.08% a year ago)

• Net NPA (Stage 3): 1.04% as of March 31, 2026 (down from 1.46% a year ago)

• Provision Coverage Ratio: 57.58% as of March 31, 2026

• Total Expected Credit Loss on loan balances: ₹1,942 crore as of March 31, 2026

Capital Adequacy and Key Ratios

• Capital Adequacy Ratio (CAR): 25.47% as of March 31, 2026 (well above regulatory requirements)

• Net Worth: ₹15,797 crore as of March 31, 2026 (up from ₹13,782 crore a year ago)

• Debt-Equity Ratio: 2.79 as of March 31, 2026

• Total Debts to Total Assets: 0.66

• Net Profit Margin: 11.75% for Q4 FY26 (10.46% for full year)

Balance Sheet and Business Metrics

• Total Assets: ₹66,328 crore as of March 31, 2026 (up from ₹65,546 crore a year ago)

• Loans (Advances): ₹54,984 crore as of March 31, 2026 (vs ₹53,935 crore a year ago)

• Total Equity: ₹15,726 crore as of March 31, 2026 (vs ₹13,782 crore a year ago)

• Cash and Cash Equivalents: ₹2,104 crore as of March 31, 2026

Key Operational Highlights

• The company is primarily engaged in the business of credit cards with no overseas operations/units. Accordingly, there are no separate reportable segments as per Ind AS 108 – Segment Reporting.

• The company is classified as an NBFC-Middle Layer under RBI's Scale Based Regulation framework. Being a group entity of SBI Bank, the company also complies with regulations applicable to NBFC-UL (Upper Layer).

• During the quarter and year ended March 31, 2026, the company allotted 22,851 equity shares and 2,43,297 equity shares respectively, pursuant to the exercise of options under the approved employee stock option scheme.

Key One-Time Adjustments and Write-backs

1. GST Liability Write-back (Note 19):
During the quarter and year ended March 31, 2026, the company has written back GST liability amounting to ₹76.57 crore (including ₹54.41 crore pertaining to FY 2024-25) on late payment fees billed but not collected from customers, pursuant to a change in practice for payment of GST on late payment fees which is in line with GST laws.

2. PIDF Contribution Reversal (Note 17):
Based on regulatory confirmation on non-collectability of the PIDF contribution, the corresponding liability amounting to ₹114.79 crore (₹70.32 crore in Q3 FY26 and ₹44.47 crore in Q4 FY26) has been reversed during the year ended March 31, 2026.

3. Management Overlay (Note 18):
Considering the ongoing periodic review of the ECL model and the present uncertain geo-political situation, the company is carrying an additional impairment provision of ₹220 crore over and above the impairment provision as per the approved ECL model as of March 31, 2026, to reduce volatility in periodic impairment costs.

Labour Codes Impact (Note 16)

The Government of India, on November 21, 2025, notified four new Labour Codes. As per Ind AS 19, changes to employee benefit plans arising from legislative amendments constitute a plan amendment which requires recognition of past service costs. The company has recognized an estimated increase in provision for employee benefits for past services amounting to ₹12 crore under Employee Benefit Expenses for the year ended March 31, 2026.

Written-off Accounts Sale

During the quarter and year ended March 31, 2026, the company has sold 3,56,896 written-off accounts for an aggregate consideration of ₹11.50 crore.

No Subsidiaries or Associates

The company does not have any subsidiary, associate, or joint venture company(ies) as of March 31, 2026. Accordingly, the company is not required to prepare consolidated financial results.

Auditor's Report

The Joint Statutory Auditors of the company – M/s. V.K. Dhingra & Co., Chartered Accountants and M/s. S.P. Chopra & Co., Chartered Accountants – have issued an unmodified opinion (clean audit report) on the audited financial results for the quarter and year ended March 31, 2026.

The auditors have drawn attention to:

• Note 18 regarding the additional impairment provision of ₹220 crore (management overlay)

• Note 19 regarding the reversal of GST liability of ₹76.57 crore

However, the opinion is not modified in respect of these matters.