SBI Card Q1 FY26: Cards-in-Force Grow 10% YoY, Spend Market Share at 16.6%
The announcement provides updates on the company's financial performance, strategic initiatives, and key metrics, which are relevant to investors and stakeholders but do not represent a fundamental shift in the company's operations or outlook.
The company reported growth in cards-in-force, spends, and revenue, along with strategic partnerships and new product launches, indicating positive business performance.
* SBI Cards' cards-in-force grew to 2.12 crore, a 10% YoY increase, with 8.73 lakh new accounts added in Q1 FY26. * Spend market share increased to 16.6%, with total spends reaching ₹ 93,244 crore, a 21% YoY growth. Retail spends grew 15% YoY to ₹ 82,404 crore, and corporate spends reached ₹ 10,840 crore. * UPI-on-Credit-Card usage continues to grow 20% QoQ. * Launched Tata Neu SBI Card and Apollo SBI Card, and signed an MoU with Bank of Maharashtra for co-branded credit card offerings. * Total revenue in Q1 FY26 reached ₹ 5,035 crore, a 12% YoY increase, driven by interest income and fees. PAT was ₹ 556 crore, down 6% YoY. * Receivables reached ₹ 56,607 crore, a 7% YoY growth. Interest Earning Assets were at 60%, with a Revolver Rate steady at 24%. * Cost of Funds (COF) for Q1 FY26 was 7.1%, expected to decrease further in Q2 FY26. * GNPA was stable at 3.07%. Stage 2 balances reduced to ₹ 2,673 crore. Gross credit cost increased to 9.6%. * Capital Adequacy Ratio (CAR) was at 23.2%. * Management expects credit cost to stay range-bound, depending on unsecured lending ecosystem and macroeconomic factors. They are driving profitable and sustainable growth and safeguarding asset quality through proactive portfolio management and advanced risk controls. * Receivable growth is expected to be around 10% to 12%. * The company expects further benefits during the quarter for two reasons. One is that the benefits have still not played out fully . We are already seeing lower rates as compared to what we had witnessed last quarter. And number two, we have also tried to change a little bit in terms of our borrowing mix, which is also benefiting us.
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