SBI Cards and Payment Services Limited : Total Revenue at ₹ 4,767 Cr Up 1% YoY; PAT at ₹ 383 Cr

New Delhi. The Board of Directors of SBI Cards and Payment Services Limited approved the Company’s results for the Quarter ended December 31, 2024, at their meeting held on Tuesday, January 28, 2025.

· Total Revenue increased by 1% YoY at ₹ 4,767 Cr in Q3 FY25 v/s ₹ 4,742 Cr in Q3 FY24

· PAT decreased by 30% YoY at ₹ 383 Cr in Q3 FY25 v/s ₹ 549 Cr in Q3 FY24

· ROAA at 2.4% in Q3 FY25 v/s 4.0% in Q3 FY24

· ROAE at 11.5% in Q3 FY25 v/s 19.3% in Q3 FY24

· Capital Adequacy Ratio at 22.9%; Tier 1 at 17.0%

· New accounts volume up by 7% at 1,175K in Q3 FY25 v/s 1,096K in Q3 FY24

· Cards-in-force grew by 10% at 2.02 Cr as of Q3 FY25 v/s 1.85 Cr as of Q3 FY24

· Retail Spends grew by 10% at ₹ 80,792 Cr in Q3 FY25 v/s ₹ 73,519 Cr in Q3 FY24

· Receivables grew by 12% at ₹ 54,773 Cr in Q3 FY25 v/s ₹ 48,850 Cr in Q3 FY24

· Market share for Card-in-force 18.7% (as of Dec’24: 18.9%), Spends 15.6% (for 9M of FY24: 18.3%). As of Dec’24, #2 for Cards-in-force and #3 for spends, in industry

· Total income increased by 1% at ₹ 4,767 Cr in Q3 FY25 v/s ₹ 4,742 Cr in Q3 FY24. This movement was a result of the following key factors:

o Interest income increased by 15% at ₹ 2,399 Cr in Q3 FY25 v/s ₹ 2,082 Cr in Q3 FY24

o Fees and commission income decreased by 13% at ₹ 2,220 Cr in Q3 FY25 v/s ₹ 2,539 Cr in Q3 FY24

· Finance costs increased by 19% at ₹ 829 Cr in Q3 FY25 v/s ₹ 695 Cr in Q3 FY24

· Total Operating cost decreased by 13% at ₹ 2,107 Cr in Q3 FY25 from ₹ 2,426 Cr in Q3 FY24

· Earnings before credit costs increased by 13% at ₹ 1,831 Cr in Q3 FY25 v/s ₹ 1,620 Cr in Q3 FY24

· Impairment on financial instruments increased by 49% at ₹ 1313 Cr in Q3 FY25 v/s ₹ 883 Cr in Q3 FY24

· Profit after tax decreased by 30% at ₹ 383 Cr in Q3 FY25 v/s ₹ 549 Cr in Q3 FY24

· Total Balance Sheet size as of December 31, 2024, at ₹ 62,563 Cr as against ₹ 58,171 Cr as of March 31, 2024

· Total Advances (Net of provisions) as of December 31, 2024, at ₹ 52,808 Cr, as against ₹ 49,079 Cr as of March 31, 2024

· Net worth as of December 31, 2024, at ₹ 13,547 Cr as against ₹ 12,156 Cr as of March 31, 2024

The Gross non-performing assets were at 3.24% of gross advances as of December 31, 2024, as against 2.64% as of December 31, 2023. Net non-performing assets were at 1.18% as of December 31, 2024, as against 0.96% as of December 31, 2023.

As per the capital adequacy norms issued by the RBI, Company’s capital to risk ratio consisting of Tier I and Tier II capital should not be less than 15% of its aggregate risk weighted assets on – balance sheet and of risk adjusted value of off-balance sheet items. As of December 31, 2024, Company’s CRAR was 22.9% compared to 18.4% as of December 31, 2023.

The Tier I capital in respect of an NBFC-ND-SI, at any point of time, can’t be less than 10%. Company’s Tier I capital was 17.0% as of December 31, 2024, compared to 16.3% as of December 31, 2023.

CRISIL Long Term – AAA/Stable

CRISIL Short Term – A1+

ICRA Long Term – AAA/Stable

ICRA Short Term – A1+