SBI Card (SBICARD) Q4 2025 earnings summary

Executive summary

• Achieved robust business performance in FY25, reaching over 2 crore cards-in-force and maintaining leadership as India's largest pure-play credit card issuer with a 19.2% market share.

• Retail spends grew 18% YoY, with digital onboarding, product innovation, and co-branded partnerships driving growth.

• Q4 FY25 profits rose 39% sequentially to ₹534 crore, though annual PAT declined 20% YoY to ₹1,916 crore.

• Focused on premium segments, digital expansion, technology investments, and strengthened risk management and ESG initiatives.

• Audited financial results for FY25 were approved by the Board, with an unmodified opinion from joint statutory auditors.

Financial highlights

• FY25 total income was ₹18,637 crore, up 7% YoY; Q4 FY25 income was ₹4,674 crore, up 8% YoY.

• Q4 FY25 PAT was ₹534 crore, up 39% QoQ but down 19% YoY; FY25 PAT was ₹1,916 crore, down from ₹2,408 crore YoY.

• Retail spends in Q4: ₹80,000 crore, up 15% YoY; full-year retail spends: ₹300,000 crore, up 18% YoY.

• Receivables grew 10% YoY to ₹55,840 crore in March 2025; total assets reached ₹65,545.80 crore.

• Interim dividend of ₹2.50 per equity share declared for FY25.

Outlook and guidance

• Expectation of steady NIMs with an upward bias as cost of funds gradually declines, though yield adjustments may offset some benefits.

• Credit cost expected to moderate, but management remains cautious due to macroeconomic uncertainties.

• Card acquisition to continue at 1.1 million per quarter, with receivables growth projected at 12%-14% for FY26.

• Cost-to-income ratio expected to rise to 55%-57% in FY26 due to higher acquisition and spend costs.

• CAR remains above 22%, with daily cost of funds stable.