SBI Cards and Payment Services Limited has informed the Exchange about Transcript
SBICARD · price
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SBI Cards shared Q4 FY25 results, reporting total revenue of INR 4,832 crore (8% YoY growth) and PAT of INR 534 crore (39% QoQ growth), though full-year PAT fell to INR 1,916 crore from INR 2,408 crore in FY24. The company added 1 million new accounts in Q4, crossing 2 crore cards-in-force with an 18.9% market share, and retail spends grew 15% YoY to ~INR 80,000 crore. Asset quality improved meaningfully, with gross credit cost falling 40 bps to 9% and gross NPA declining to 3.08% from 3.24%, marking the first quarter of credit cost reduction after several quarters of increases. Management guided NIM to remain stable with an upward bias, cost of funds on a gradual downward trend, receivables growth of 12-14%, and spend growth of 18-20% in FY26, while maintaining a cost-to-income ratio target of 55-57%.
Positive for shareholders: the first credit cost reduction in multiple quarters signals a turning point in asset quality, and NIM guidance of 'stable with upward bias' offers earnings support as rate cuts flow through. However, full-year PAT decline and management's reluctance to commit to a normalized credit cost timeline (6-7%) temper near-term optimism, keeping the outlook balanced rather than decisively bullish.