SBI Card Q3 FY26 Concall: Spends Growth vs. Asset Quality Stress

Описание: SBI Card Q3 FY26 Concall: Spends Growth vs. Asset Quality Stress

During the Q3 FY26 earnings conference call, the management of SBI Cards and Payment Services (SBI Card) highlighted a robust 15-18% growth in card spends, fueled by strong festive demand and higher adoption of digital payments. The leadership team emphasized their strategic focus on the corporate card segment and premium retail cards to drive higher interchange income. However, a significant portion of the discussion centered on asset quality, with management noting that while new originations are performing well, certain older cohorts continue to show signs of stress, leading to elevated credit costs.

The company's performance was mixed compared to brokerage estimates. While revenue from operations and total spends were largely in line with analyst expectations, the Net Profit (PAT) and Return on Assets (ROA) fell short of estimates. This miss was primarily driven by higher-than-anticipated credit costs and a slight compression in Net Interest Margins (NIMs) due to the rising cost of funds and a shift in the revolve rate. While analyst expectations had factored in some delinquency, the actual Gross NPA (GNPA) levels remained at the higher end of the guided range, prompting questions about the timing of a full recovery in credit cycles.

This video is part of our    • Conference Call   series. Watch the full playlist for more similar updates.

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