SBI Cards and Payment Services Limited has informed the Exchange about Transcript
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SBI Cards filed the transcript of its Q1 FY26 earnings call held on July 25, 2025. Total revenue rose 12% YoY to Rs. 5,035 crore, but PAT fell 6% YoY to Rs. 556 crore (up 4% QoQ) due to higher credit costs. Card spends grew 21% YoY to Rs. 93,244 crore with market share improving to 16.6%, and cards-in-force crossed 2.12 crore (10% YoY growth). NIM improved to 11.2% aided by cost of funds falling to 7.1% from 7.3%, with the CFO guiding a further 25-30 bps reduction in Q2 FY26. Gross credit cost rose 58 bps QoQ to 9.6% on ECL data refresh, and management trimmed receivables growth guidance to 10-12% (from 12-14%) while guiding credit cost to stay range-bound between Q4 FY25 and Q1 FY26 levels.
Margin expansion from lower funding costs and improving market share are positives, but the YoY PAT decline, higher credit cost, and downward revision in receivables growth guidance suggest near-term pressure on profitability, which may temper investor enthusiasm despite stable asset quality metrics.