SBI Cards and Payment Services543066Quarterly results

Board approves September quarter results; auditors note Rs. 100 crores additional impairment allowance

The board of SBI Cards and Payment Services met on October 23, 2026 and approved the unaudited results for the quarter and half year ended September 30, 2026.

By ScoutQuest · Fri 23 Oct 2026, 2:38 PM IST · 3 min read

Standalone · ₹ crore · EPS in ₹
Line item	Latest	Year ago	YoY	Prev qtr	QoQ
Revenue from operations	5,140.53	4,960.98	+3.6%	5,040.55	+2%
Total income	5,301.67	5,136.48	+3.2%	5,205.36	+1.9%
Profit before tax	1,045.72	599.77	+74.4%	893.13	+17.1%
Profit after tax	777.60	444.77	+74.8%	664.44	+17%
Total comprehensive income	779.08	446.42	+74.5%	665.32	+17.1%
Basic EPS	8.17	4.67	+74.9%	6.98	+17%

Profit after tax YoY: +74.8%
Period: September 30, 2026 (Unaudited)

Auditor's review

Conclusion: Unmodified

Emphasis of Matter: attention drawn to Note 9 regarding carrying of additional impairment allowance of Rs. 100 crores over and above the ECL model allowance; conclusion not modified.

Notes to the results

Additional impairment provision of ₹ 30 crores over ECL model made in quarter ended 30 September 2026 due to geo political tensions; cumulative additional provision ₹ 100 crores as on 30 September 2026.
Provision for employee benefits for past services of ₹ 27 crores recognised in quarter ended June 30, 2026 due to New Labour Codes; part of half year employee benefits expenses.
Gross NPA 1.90% and Net NPA 0.77% as at September 30, 2026; ECL allowance of ₹ 1,844.26 Crores on loan balances.
Company has no subsidiary/associate/joint venture; not required to prepare consolidated financial results.

What the board approved

SBI Cards and Payment Services Ltd's board met on October 23, 2026 and approved the unaudited financial results for the quarter and half year ended September 30, 2026. The company has no subsidiary, associate or joint venture, so these are standalone results.

Auditor's review conclusion

The joint statutory auditors, V.K. Dhingra & Co. and S.P. Chopra & Co., carried out a limited review of the statement. They concluded that nothing came to their attention that causes them to believe the statement contains a material misstatement or is not in line with the applicable accounting standards and RBI prudential norms. That is a clean (unmodified) conclusion, not a qualified one.

They added an Emphasis of Matter drawing attention to Note 9 of the statement: the company is carrying an additional impairment allowance of Rs. 100 crores over and above the allowance computed under its approved ECL model. The auditors stated that their conclusion is not modified in respect of this matter.

Quarter in numbers (standalone, compared with the year-earlier quarter)

Revenue from operations: ₹ 5,140.53 crores, against ₹ 4,960.98 crores
Total income: ₹ 5,301.67 crores, against ₹ 5,136.48 crores
Profit before tax: ₹ 1,045.72 crores, against ₹ 599.77 crores
Profit after tax: ₹ 777.60 crores, against ₹ 444.77 crores
Basic and diluted EPS: ₹ 8.17, against ₹ 4.67

Half year in numbers (standalone)

Revenue from operations: ₹ 10,181.08 crores
Total income: ₹ 10,505.12 crores
Profit before tax: ₹ 1,938.87 crores
Profit after tax: ₹ 1,442.06 crores
Basic and diluted EPS: ₹ 15.15

Asset quality and capital

Gross NPA (stage 3): 1.90% as at September 30, 2026, against 2.41% as at March 31, 2026
Net NPA (stage 3): 0.77%, against 1.04% as at March 31, 2026
Provision coverage ratio: 59.76%
Capital adequacy ratio: 26.47%
The company holds allowance towards total expected credit loss of ₹ 1,844.26 crores on loan balances, against ₹ 1,941.87 crores as at March 31, 2026.

Provisions flagged in the notes

An additional impairment provision of ₹ 30 crores was made during the quarter ended September 30, 2026, taking the cumulative additional provision over the ECL model to ₹ 100 crores. The note cites an uncertain macroeconomic environment due to prolonged geopolitical tensions.
An estimated increase of ₹ 27 crores in the provision for employee benefits for past services was recognised in Employee Benefit expenses in the quarter ended June 30, 2026, following the new Labour Codes notified in November 2025; it forms part of the half year ended September 30, 2026.

Other decisions and disclosures at the meeting

During the quarter and half year ended September 30, 2026, 29,275 and 43,532 equity shares of ₹ 10/- each were allotted under the approved employee stock option scheme.
Issued, subscribed and paid-up equity capital rose to ₹ 951.64 crores as at September 30, 2026 from ₹ 951.60 crores as at March 31, 2026.
The company did not transfer or acquire any loan not in default, stressed loan, non-performing asset or any special mention account during the period.
No deviation in the use of proceeds of the issue of non-convertible debt securities was reported.

How to read this

Revenue and profit figures are for the quarter and half year, and the auditor has reviewed them rather than audited them. Two one-off style items are called out in the notes: the extra impairment allowance and the employee benefit provision arising from the new Labour Codes. The Emphasis of Matter is a pointer to a disclosure, not a change in the auditor's conclusion.

1,045.72 (₹ Crores)Profit before tax, latest quarter

Profit before tax, year-ago quarter599.77 (₹ Crores)

Profit after tax, quarter ended Sept 30444.77 crores

Profit before tax, latest quarter 1,045.72 (₹ Crores): Profit before tax, year-ago quarter 599.77 (₹ Crores), Profit after tax, quarter ended Sept 30 444.77 crores.

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