SBI Cards Q1 results: Net profit declines 6%, revenue rises 12%; asset quality remains stable

SBI Cards on Friday, July 25, reported a net profit of ₹556 crore in the first quarter of current financial year (Q1FY26) marking a decline of 6.4% from ₹594 crore during the same period last year.

SBI Cards' total income from operations advanced 12% to ₹4,877 crore as against ₹3,683 crore in the year-ago period. The company's interest income advanced 11% annually to ₹2,493 crore and its income from fees and commission advanced 14% to ₹2,191 crore.

The company's Cards-in-Force (CIF), the total number of credit and debit cards that are currently active and in use by cardholders at a financial institution, jumped by 10% annually to 2.12 crore as against 1.92 crore in the year-ago period.

The country’s leading credit card issuer reported a strong rise in customer spending and stable asset quality, despite a marginal drop in new account additions.

Spends surged 21% YoY to ₹93,244 crore in Q1 FY26, compared to ₹77,129 crore in Q1 FY25, signalling continued momentum in consumption trends. While new account additions stood at 8.73 lakh, slightly lower than the 9.04 lakh accounts opened in the year-ago period, SBI Cards said in a press release.

Card-in-force market share improved to 19.1% (vs 18.5% in Q1 FY25), while spends market share rose to 16.6% from 15.9% YoY. The company retained its second position in cards-in-force and third in spends within the industry.

During the quarter, finance cost rose by 6% to ₹813 crore due to the larger receivables base. Operating costs increased by 17% annually to ₹2,123 crore, SBI Cards said.

The company maintained stable asset quality. Gross NPAs stood at 3.07%, nearly unchanged from 3.06% in Q1FY25. However, net NPAs inched up to 1.42% from 1.11% YoY.

SBI Cards shares ended 0.37% higher at ₹889 ahead of its earnings announcement.