News | SBI Cards Q1 FY26 Net Profit Drops 6.5% on Surge in Write‑offs

SBI Cards Q1 FY26 Net Profit Drops 6.5% on Surge in Write‑offs

News

26 July 2025

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SBI Cards and Payment Services reported a 6.5% year-on-year decline in net profit to ₹556 crore for the first quarter of FY26, primarily due to a sharp rise in bad loans and write-offs. The company’s gross write-offs surged 32% to ₹1,280 crore as delinquencies in unsecured retail credit—including credit cards—continued to climb.

Despite the profit drop, operational performance remained resilient. Revenues from operations rose 12% year-on-year, and cardholder spending increased by 21% to ₹9.32 lakh crore. The total number of active cards rose 10% from the previous year. SBI Cards also saw a slight improvement in its gross non-performing asset (NPA) ratio to 3.07%, compared to 3.08% in the previous quarter.

The results underscore ongoing stress in the unsecured lending space, even as consumer demand and digital payments continue to rise.

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SBI Cards Q1 FY26 Net Profit Drops 6.5% on Surge in Write‑offs

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