SBI Card (SBICARD) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 PAT was ₹777.60 crore, up 75% YoY; revenue from operations was ₹5,140.53 crore, up 4%, as impairment expense fell 37%.

• Cards in force reached 23.2 million, up 8% YoY; new accounts rose 18% to 1.106 million, while receivables were ₹58,376 crore.

Financial highlights

• Total income was ₹5,301.67 crore; Q2 PBT was ₹1,045.72 crore and H1 PAT was ₹1,442.06 crore.

• Operating costs were ₹2,649 crore, up 7% YoY; cost-to-income ratio was 58.7%, up 193 bps YoY.

• Total Q2 spends were ₹110,689 crore; retail spends reached ₹95,299 crore, up 6% YoY, and corporate spends were ₹15,390 crore.

Outlook and guidance

• Management expects H2 receivables growth, starting in Q3, and plans to maintain quarterly sourcing above 1 million new accounts; no full-year receivables growth estimate was provided.

• FY27 retail spend growth is expected in the mid-teens to high-teens; FY27 cost-to-income guidance remains 57%-59%.

• Gross credit costs are expected around 6%; management is comfortable with a 5.5%-6% range and expects limited further moderation.

• NIM is targeted to remain stable through borrowing-cost optimization, higher-yield incremental EMI lending and receivables mix changes; no FY28 guidance was set.