Latest news with #SBICard
Business Standard
a day ago
- Business
- Business Standard
SBI Card slips after Q1 profit decline
SBI Cards and Payment Services ("SBI Card") fell 1.32% to Rs 825.80 after the company reported a 6% year-on-year decline in net profit to Rs 556 crore in Q1 FY25, weighed down by rising impairments and operating costs. Despite the drop in profitability, the company's total income rose 12% to Rs 5,035 crore, compared to Rs 4,483 crore in the same period last year. This was driven by a steady rise in core revenue streams: interest income climbed 11% to Rs 2,493 crore, while fees and commission income rose 13% to Rs 2,384 crore. However, the bottom line came under pressure as finance costs increased 6% to Rs 813 crore, primarily due to higher receivables. Operating costs jumped 17% to Rs 2,123 crore, and impairment losses and bad debt provisions surged 23% to Rs 1,352 crore, up from Rs 1,101 crore a year earlier. Operationally, the company continued to expand its base. In Q1 FY26, cards-in-force rose 10% YoY to 2.12 crore, and total card spends increased 21% YoY to Rs 93,244 crore. While new account additions dipped slightly to 8.73 lakh in Q1 FY26 from 9.04 lakh in Q1 FY25, the company saw growth in receivables, which rose 7% YoY to Rs 56,607 crore. SBI Cards maintained its strong position in the market, with a 19.1% share in cards-in-force (up from 18.5% in Q1 FY25) and a 16.6% share in spends (up from 15.9% in Q1 FY25), ranking #2 by card base and #3 by spends in the industry. Asset quality showed marginal deterioration. Gross non-performing assets were at 3.07% of gross advances as of June 2025, as against 3.06% as of June 2024. Net non-performing assets were at 1.42% as of June 2025, as against 1.11% as of June 2024. As of June 2025, total gross advances (credit card receivables) stood at Rs 56,607 crore, slightly higher than Rs 55,840 crore at the end of March 2025. As of June 2025, the company's CRAR was 23.2% compared to 20.6% as of June 2024. The company's Tier I capital was 17.9% as of June 2025, compared to 16.8% as of June 2024. SBI Card is a non-banking financial company that offers a wide range of credit cards for individuals and businesses. Its portfolio includes lifestyle, rewards, travel, fuel, and co-branded cards, as well as corporate cards, catering to different income groups and spending needs.
News18
5 days ago
- Business
- News18
SBI Cards and Payment Services Q1 profit drops 6 pc at Rs 556 cr
Agency: PTI Last Updated: New Delhi, Jul 25 (PTI) SBI Cards and Payment Services on Friday reported a 6 per cent dip in net profit to Rs 556 crore for the April-June quarter of the current fiscal. The company had reported a profit of Rs 594 crore in the June quarter of FY'25. In a statement, SBI Card said its total revenue increased by 12 per cent YoY to Rs 5,035 crore in the first quarter of FY26 against Rs 4,483 crore in Q1 of FY25. Total balance sheet size as of June 30, 2025, was Rs 66,009 crore as against Rs 65,546 crore as of March 31, 2025. The gross non-performing assets were at 3.07 per cent of gross advances as of June 30, 2025, as against 3.06 per cent as of June 30, 2024. Net non-performing assets were at 1.42 per cent as of June 30, 2025, as against 1.11 per cent as of June 30, 2024. SBI Card is a non-banking financial company that offers an extensive credit card portfolio to individual cardholders and corporate clients. First Published: July 25, 2025, 18:30 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
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Business Standard
5 days ago
- Business
- Business Standard
SBI Card to discontinue Rs 1 cr air insurance on these cards: Check list
SBI Card will on August 11 discontinue complimentary air accident insurance cover of up to Rs 1 crore for a wide range of co-branded credit cards. Earlier this month, the company withdrew air accident insurance benefits on SBI Card ELITE, SBI Card PRIME and other cards. Who is impacted? The new announcement will impact variants of ELITE and PRIME cards, which are offered in partnership with public and private sector banks. These complimentary covers were one of the major perks associated with premium card offerings. List of SBI cards losing Rs 1 crore insurance benefit: UCO Bank SBI Card ELITE Central Bank of India SBI Card ELITE PSB SBI Card ELITE Allahabad Bank SBI Card ELITE Karur Vysya Bank (KVB) SBI Card ELITE KVB SBI Signature Card List of SBI cards losing Rs 50 lakh insurance benefit: UCO Bank SBI Card PRIME Central Bank of India SBI Card PRIME PSB SBI Card PRIME KVB SBI Card PRIME KVB SBI Platinum Credit Card South Indian Bank SBI Card PRIME South Indian Bank SBI Platinum Credit Card Karnataka Bank SBI Card PRIME Karnataka Bank SBI Platinum Credit Card City Union Bank SBI Card PRIME Allahabad Bank SBI Card PRIME UBI SBI Platinum Credit Card OBC SBI Visa Platinum Card Federal Bank SBI Platinum Credit Card Bank of Maharashtra SBI Platinum Credit Card What has changed already Earlier in July, SBI Card air accident insurance cover from its own-branded cards, including: SBI Card ELITE SBI Card Miles ELITE SBI Card Miles PRIME SBI Card PRIME SBI Card Pulse The Rs 1 crore and Rs 50 lakh insurance covers were provided free of cost and did not require any separate application. Cardholders relying on this complimentary insurance should now consider buying a standalone travel or personal accident insurance policy if air travel risk coverage is important. It's also advisable to check your card's updated terms and conditions or speak to customer service to understand the full implications.
Mint
6 days ago
- Business
- Mint
SBI Card discontinues ₹1 crore air accident insurance coverage. Check details
If you hold an SBI Credit Card, particularly one of its premium variants, there's an important update for you. With effect from July 15, SBI Card has discontinued free air accident insurance coverage up to ₹ 1 crore for select credit cardholders Elite, Miles Elite and Miles Prime. Apart from this, several key changes in payment settlement rules of this credit card as well as Minimum Amount Due (MAD) calculations will also come into effect. These changes will impact the premium users the most, especially those who rely on SBI's credit card insurance benefits and flexible repayment terms. Let us understand more about what has changed and how it may affect you. So far, select SBI credit cardholders (Elite, Miles Elite and Miles Prime) were entitled to complimentary air accident insurance amounting to ₹ 1 crore. However, this benefit will be discontinued with effect from July 15, 2025, as part of SBI Card's latest policy overhaul. Affected card variants include SBI Card Elite, SBI Card Miles Elite and SBI Card Miles Prime. These cards will no longer provide air accident insurance coverage after the cut-off date. If you were relying on this insurance during air travel, then it is vital to re-consider some alternative personal coverage options. Similarly, some cards which offer ₹ 50 lakh air accident insurance with no additional charges will also lose this benefit from July 15. The cards which are impacted by this rule include SBI Card Prime and SBI Card Pulse. Now the users of these cards will have to make new arrangements if they want to retain any sort of air travel insurance coverage. Another major change relates to how SBI adjusts your credit card payments. Earlier, the amount you paid would be distributed based on an internal hierarchy. From July 15, SBI will revise the order in which your payment gets applied to different outstanding amounts. SBI has also announced to tighten the rules around Minimum Amount Due, i.e., the minimum sum that you must pay to avoid default or penalty. The new formula substantially increases the minimum amount by including more components. New MAD calculation includes 100 per cent GST, 100 per cent EMI amount, 100 per cent charges and fees, 100 per cent finance charges, Overlimit amount (if applicable) and 2 per cent of the remaining outstanding balance, reveals customer notices given on This means if you only pay the minimum due each billing cycle month to avoid late fees, then your minimum amount due will turn out to be higher than before, thus affecting your monthly budget and increasing overall interest costs if the full amount isn't paid regularly. Disclaimer: Mint has a tie-up with fintechs for providing credit, you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit score. Mint does not promote or encourage taking credit as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit. For all personal finance updates, visit here
Mint
23-07-2025
- Business
- Mint
PhonePe rolls out two co-branded credit cards with SBI
Fintech firm PhonePe has rolled out two cobranded credit cards in partnership with SBI Card, largest pure-play credit card issuer. The two new products are PhonePe SBI Card Purple and PhonePe SBI Card Select Black. This marks the second such partnership by PhonePe after its earlier tie-up with HDFC Bank. These credit cards are issued on the RuPay and Visa networks, and are looking to broaden formal credit access while offering rewards on everyday spends. RuPay variants are UPI linkable, enabling seamless use across millions of merchants nationwide, while the Visa cards can be tokenised on the PhonePe app for secure digital use. Targeting the rising demand for integrated credit and payments, the PhonePe SBI Cards offer accelerated reward points on groceries, travel, utility payments, insurance premiums and in-app PhonePe transactions. The Select Black card, positioned as a premium variant, offers up to 10 per cent value back on PhonePe and Pincode app spends and 5 per cent on other online transactions. Purple cardholders can earn up to 3 per cent and 2 per cent respectively on the same categories. Additional benefits include welcome e-gift vouchers — ₹ 1,500 for Select Black and ₹ 500 for Purple — alongside annual travel vouchers, fuel surcharge waivers and complimentary domestic lounge access. In another news, PhonePe named former Meta India public policy head Shivnath Thukral as its vice president for public policy and government affairs. "Shivnath will be responsible for leading PhonePe's external engagement and discussions with policy makers and regulators," the company said in a statement, adding that he would work closely with founders Sameer Nigam and Rahul Chari. Disclaimer: Mint has a tie-up with fintechs for providing credit, you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit score. Mint does not promote or encourage taking credit as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.
