SBI Cards and Payment Services Limited — Investor Meet, 31-10-2025: Analysts/Institutional Investor Meet/Con. Call Updates

SBI Cards reported Q2 FY26 revenue up 13% YoY to INR 5,136 Cr, with PAT up 10% to INR 445 Cr. Total spends hit a record INR 1,07,063 Cr, jumping 31% YoY. Cards-in-force grew 10% to 2.15 Cr, with new co-brand partnerships driving acquisition.

Asset quality improved, with Gross NPA at 2.85% (vs 3.07% QoQ). Credit costs are expected to decline in the next two quarters, staying below 9%. Management is optimistic on industry growth, focusing on asset quality, digital engagement, and strategic tie-ups. Costs were higher due to festive offers and corporate spend, with full-year cost-to-income guidance at the higher end of 54-56%. NIMs are expected to remain stable at 11.2%.