SBI Cards Quarterly Results Q2 FY27

SBI Cards and Payment Services Limited reported higher profit in Q2 FY27 as credit costs declined. The quarter ended 30 September 2026, with PAT rising 75% year on year to ₹778 crore.

• Total income rose 3% year on year.
• Revenue from operations increased 4%.
• Gross credit cost declined to 5.6%.
• GNPA improved to 1.90%.
• Card spends increased 3% year on year.
• Cards-in-force reached 2.32 crore.

Receivables declined 2% year on year even as card spends and the customer base increased. Investors can therefore read the profit improvement alongside credit costs, asset quality, expenses and business growth.

SBI Cards and Payment Services Limited reported profit after tax (PAT) of ₹778 crore in Q2 FY27, up 75% from ₹445 crore in Q2 FY26. Total income increased 3% year on year to ₹5,302 crore.

Revenue from operations reached ₹5,141 crore, up 4% year on year. Other income stood at ₹161 crore. Together, these made up the company's total income for the quarter.

Return on average assets (ROAA) rose to 4.4% from 2.6% a year earlier. Return on average equity (ROAE) increased to 18.4% from 12.1%.

Source: SBI Cards and Payment Services Limited. 

Last updated: 28 October 2026.

SBI Cards' PAT increased 75% year on year to ₹778 crore, while total income grew 3% to ₹5,302 crore. PAT was also 17% higher than the ₹664 crore reported in Q1 FY27.

Lower impairment on financial instruments was an important contributor. Impairment fell 37% year on year from ₹1,293 crore to ₹819 crore.

Earnings before credit cost stood at ₹1,865 crore, down 1% year on year. This means the increase in PAT was supported substantially by lower credit-related costs rather than an equivalent increase in operating earnings.

Finance costs increased 4% year on year to ₹787 crore. Operating costs rose 7% to ₹2,649 crore.

Interest income increased 1% year on year to ₹2,511 crore. Fees and other revenue rose 6% to ₹2,630 crore.

SBI Cards reported a net interest margin (NIM) of 10.8% in Q2 FY27.

Source: SBI Cards and Payment Services Limited. 

Last updated: 28 October 2026.

SBI Cards reported lower credit costs and lower non-performing asset ratios in Q2 FY27. Gross credit cost fell to 5.6%, down 98 basis points from Q1 FY27 and 342 basis points year on year.

Net credit cost stood at 4.5%, compared with 5.5% in Q1 FY27.

Gross non-performing assets (GNPA) declined 95 basis points year on year to 1.90%. Net non-performing assets (NNPA) fell 52 basis points to 0.77%.

A lower credit-cost ratio means a smaller share of average receivables was absorbed by credit losses during the period. However, a decline in one quarter does not establish that credit costs will continue falling.

Source: SBI Cards and Payment Services Limited. 

Last updated: 28 October 2026.

SBI Cards reported card spends of ₹1,10,689 crore in Q2 FY27, up 3% year on year. Cards-in-force increased 8% to 2.32 crore.

New account volumes increased to 11.06 lakh, compared with 9.36 lakh in Q2 FY26. This represented 18% year-on-year growth.

Receivables moved differently from spends and customer additions. They declined 2% year on year to ₹58,376 crore.

Retail spends reached ₹95,299 crore, while corporate spends stood at ₹15,390 crore during Q2 FY27. Retail spends increased 6% year on year.

The figures show that card-base growth was faster than overall spend growth during the quarter. Receivables also remained below the year-ago level despite higher spending.

Source: SBI Cards and Payment Services Limited. 

Last updated: 28 October 2026.

Investors can track whether SBI Cards sustains lower credit costs while improving revenue, receivables and operating performance in subsequent quarters. Q2 FY27 showed higher PAT, but some operating measures grew more slowly.

Five indicators provide useful context:

• Credit cost: Gross credit cost was 5.6%.
• Asset quality: GNPA stood at 1.90%.
• Receivables: These declined 2% year on year.
• Operating costs: These increased 7% year on year.
• Card spends: These increased 3% year on year.

Capital adequacy stood at 26.5% as of 30 September 2026. Tier I capital stood at 21.2%.

The trade-off is important. Lower credit costs helped profitability, but operating costs increased and receivables did not grow year on year. Future quarters can show whether these trends move in the same direction.

Source: SBI Cards and Payment Services Limited. 

Last updated: 28 October 2026.

SBI Cards' Q2 FY27 results show higher profitability, lower credit costs and lower GNPA compared with the year-ago quarter. PAT rose 75% to ₹778 crore, while total income increased 3%. Card spends and cards-in-force increased, although receivables declined 2%. The next quarters will indicate whether lower credit costs can continue alongside growth in receivables, income and spending.