SBI Card Q4 FY26: profit +14%, income ₹5,187 cr

What SBI Card reported for March-quarter FY26

SBI Cards and Payment Services Ltd (SBI Card), a State Bank of India group company, reported higher profit for the fourth quarter ended March 2026, supported by lower credit costs and improved asset quality. Profit after tax (PAT) rose 14% year-on-year to ₹609 crore in Q4 FY26, compared with ₹534 crore in Q4 FY25, according to the company’s filings cited by PTI and Reuters.

Total income increased 7% to ₹5,187 crore in Q4 FY26 from ₹4,832 crore a year earlier. Revenue from operations was reported at ₹4,934.5 crore in Q4 FY26 versus ₹4,673.9 crore in Q4 FY25. Reuters also reported total revenue from operations at ₹4,935 crore, reflecting the same quarter’s operating revenue in crore terms.

Revenue mix: fees grew, interest income dipped

A key driver for the quarter’s income growth was fees and other revenues. Fees and other revenues rose 13% year-on-year to ₹2,553 crore in Q4 FY26 from ₹2,259 crore in Q4 FY25.

However, interest income declined to ₹2,382 crore in Q4 FY26 from ₹2,415 crore in Q4 FY25. This created a mixed picture: overall income grew, but the interest line softened even as spending volumes rose sharply.

Reuters also noted that net interest margin (NIM) decreased by 10 basis points from a year ago to 11.1%, indicating some pressure on interest profitability despite higher activity.

Costs: operating expenses rose, finance costs fell

SBI Card’s finance costs declined 10% year-on-year to ₹714 crore in Q4 FY26 from ₹795 crore in Q4 FY25, offering some relief during the quarter.

At the same time, total operating costs rose 24% to ₹2,561 crore in Q4 FY26 compared with ₹2,073 crore in Q4 FY25. The combination of lower finance costs and higher operating costs meant the credit-cost trend became more important for bottom-line growth.

Asset quality improves; credit cost eases

The quarter’s profit improvement was closely linked to better asset quality and lower provisioning. Gross non-performing assets (GNPAs) moderated to 2.41% in Q4 FY26, compared with 3.08% as of March 31, 2025. Reuters added that GNPA was down 67 basis points year-on-year and 46 basis points sequentially.

Impairment losses and bad debts expenses fell 12% to ₹1,097 crore in Q4 FY26 from ₹1,245 crore in Q4 FY25. SBI Card said “higher PAT [was] driven by improved credit cost,” Reuters reported.

The company also highlighted that it tightened underwriting over the last few quarters to address higher delinquencies in credit cards, a move that aligns with the quarter’s improvement in reported asset quality.

Business momentum: spending and cards-in-force increased

Operationally, SBI Card reported stronger card usage. Reuters said total card spending rose 31% year-on-year to ₹115,000 crore in Q4 FY26 (₹1.15 trillion). Cards-in-force increased 6% from last year to 2.21 crore (22.1 million).

These metrics suggest expanding scale, even as the company managed delinquency through tighter underwriting. The quarter’s pattern shows profitability improving alongside higher spending, but with some pressure visible in interest income and NIM.

Full-year FY26: profit and income both higher

For the full fiscal year 2025-26, SBI Card reported profit growth of 13% to about ₹2,167 crore (₹2,166.7 crore reported in one update) versus ₹1,916 crore a year earlier. Full-year total income rose to about ₹20,708 crore (₹20,707.6 crore reported in one update) from ₹18,637 crore in FY25.

This annual performance indicates earnings recovery compared with FY25, when the company had reported higher credit costs and impairment provisions in the March 2025 quarter.

Stock updates cited in the reports

One update pegged SBICARD’s share price at ₹679.65 as of April 27, 2026. Another market snapshot in the same compiled text said the stock was at ₹694.1, up 1.24% on the day (as of 12:49 IST on the NSE), and rising for a third straight session.

Key numbers at a glance

Market impact: what the numbers indicate

The quarter’s financials highlight a clear swing factor: credit costs. With impairment and bad debts down 12% and gross NPAs lower at 2.41%, the company translated modest income growth into a sharper rise in profit.

At the same time, operating costs rose 24%, which can matter for investors tracking operating leverage. The reported decline in NIM to 11.1% and the drop in interest income to ₹2,382 crore also point to pressure in interest-driven earnings, even as fee-led income expanded.

From an industry lens, the combination of tighter underwriting, improving asset quality, and strong spending growth fits a phase where card issuers balance growth with risk control after a period of higher delinquencies.

Why this quarter matters

SBI Card’s Q4 FY26 result shows how quickly profitability can improve when credit metrics stabilise. The company explicitly linked higher PAT to improved credit cost, and the data supports that narrative through lower impairment charges and reduced GNPA.

But the quarter also shows trade-offs. Spending growth and a larger card base did not translate into higher interest income, and NIM moved lower. For shareholders, the next set of disclosures and quarterly trends will be important to assess whether the underwriting tightening continues to hold delinquencies down without slowing growth.

Conclusion

SBI Card closed Q4 FY26 with PAT up 14% to ₹609 crore and total income up 7% to ₹5,187 crore, supported by higher fee income and a fall in impairment charges. The company’s updates also pointed to underwriting tightening and a visible improvement in gross NPAs to 2.41%. Future quarters will show whether the balance of spending growth, margins, and credit costs remains steady as the card cycle evolves.