Rating Rationale
October 14, 2025 | Mumbai
 
SBI Cards and Payment Services Limited
'Crisil AAA/Stable' assigned to Lower Tier II Bonds and Non Convertible Debentures; Rated amount enhanced for Bank Debt
 
Rating Action
Total Bank Loan Facilities Rated Rs.57000 Crore (Enhanced from Rs.51000 Crore)
Long Term Rating Crisil AAA/Stable (Reaffirmed)
Short Term Rating Crisil A1+ (Reaffirmed)
 
Rs.1500 Crore Lower Tier II Bonds Crisil AAA/Stable (Assigned)
Rs.2000 Crore Non Convertible Debentures Crisil AAA/Stable (Assigned)
Rs.34000 Crore Commercial Paper Crisil A1+ (Reaffirmed)
Lower Tier II Bonds Aggregating Rs.3800.2 Crore Crisil AAA/Stable (Reaffirmed)
Non Convertible Debentures Aggregating Rs.6550 Crore (Reduced from Rs.7800 Crore) Crisil AAA/Stable (Reaffirmed)
Note: None of the Directors on Crisil Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings.
1 crore = 10 million
Refer to Annexure for Details of Instruments & Bank Facilities


Detailed Rationale

Crisil Ratings has assigned its ‘Crisil AAA/Stable’ rating to Rs 2000 crore non convertible debentures and Rs 1500 crore Lower tier II bonds of SBI Cards and Payment Services Limited (SBI Cards) and has also reaffirmed its ‘Crisil AAA/Stable/Crisil A1+’ ratings on other debt instruments and bank facilities of the company.

 

Crisil Ratings has withdrawn its rating on Rs 1250 crore non-convertible debentures as these have been repaid on maturity. The withdrawal is in line with the withdrawal policy of Crisil Ratings. (refer to 'Annexure - Details of Rating Withdrawn')

 

The ratings factor in continued support from majority shareholder, State Bank of India (SBI; ‘Crisil AAA/Crisil AA+[1]/Stable/Crisil A1+’), on ongoing basis as well as in the event of distress. Majority ownership and shared brand imply a strong moral obligation on SBI to continue supporting SBI Cards in meeting debt obligation in a timely manner.

 

The standalone credit risk profile of SBI Cards is supported by its steady market position. The company is the second-largest player in the credit card industry with 2.12 crore cards-in-force (CIF), and market share of 19.1% as on June 30, 2025. As far as profitability is concerned, while has remained above average, has witnessed moderation during fiscal 2025 owing to decline in net interest margins (NIM), fee income and elevation in credit costs. During fiscal 2025, company’s return on assets (RoA) declined to 3.1% as against 4.6% during fiscal 2024. However, some improvement was visible during first quarter of fiscal 2026, the RoA inching up to 3.4% (on an annualised basis). Despite profitability remaining above average, it remains susceptible to asset quality challenges owing to unsecured nature of asset class.

 

In terms of asset quality, the company’s gross non-performing assets (GNPAs) continued to show increasing trajectory during last 4-6 quarters in accordance with the industry dynamics. As on June 30, 2025, company’s gross NPAs stood at 3.07% which were at 3.08% as on March 31, 2025 and 2.76% as on March 31, 2024. The increase in NPAs mainly driven by increase in delinquencies across overdue buckets. Hence, company’s ability to keep strong check on its collections and recoveries thereby managing its overall portfolio quality, especially in light of risks inherent in the credit card business, will remain a key monitorable.

1The ratings pertain to tier-I bonds (under Basel III)

Analytical Approach

Crisil Ratings has considered the standalone business and financial risk profiles of SBI Cards. The ratings factor in strong support from the parent, SBI, considering the strategic importance of SBI Cards, the parent’s majority shareholding and their common brand.

Key Rating Drivers - Strengths 

Expectation of strong support from SBI

A credit card is an integral product offering of a bank. SBI Cards houses the credit card business of SBI, and hence, it is strategically important to the latter. The company receives strong financial, managerial and branding support from the parent on ongoing basis. It benefits from the strong customer franchisee of SBI, commanding a premium in the co-branded card segment. SBI has infused growth capital in SBI Cards, in the past. As on June 30, 2025, the bank held 68.6% stake in the company and will continue to hold majority stake over the medium term. SBI deputes its senior management in SBI Cards, guides strategic decisions and monitors operations. However, the company has substantial autonomy in decision-making. The parent will provide strong support to SBI Cards both on ongoing basis and in the event of distress.

  

Steady market position

The growth in CIF for the company has been faster than that of the industry in the past few fiscals; its market share in terms of CIF remained steady at 19.1% as on June 30, 2025 as compared to 19% as on March 31, 2025. SBI Cards is the second-largest credit card player by CIF and remains among top three players by spends. Gross card receivables stood at Rs 56,607 crore as on June 30, 2025, compared with Rs 55,840 crore as on March 31, 2025. Market share will improve over the medium term because of the company’s ability to tap into SBI’s large clientele and distribution network.

 

Profitability, despite momentary moderation, remains comfortable

RoA (calculated) averaged 4.5% over the five fiscals through 2025, supported by healthy net interest income and strong fee income. While it has remained above average, it has witnessed moderation during fiscal 2025 owing to decline in net interest margins (NIM), fee income and elevation in credit costs. During fiscal 2025, company’s return on assets (RoA) declined to 3.1% as against 4.6% during fiscal 2024. Fee income as a percentage of total assets reduced to 15% in fiscal 2025, down from 18.4% in fiscal 2024 and 20.3% in fiscal 2023. Additionally, credit costs rose by approximately 150 basis points, and net interest margins (NIMs) compressed by around 30 basis points from fiscal 2024 to fiscal 2025. The credit cost continued to inch up to 8.2% during Q1 of fiscal 2026, however, the net income has improved by ~70 bps during the same period.

 

However, some improvement was visible during first quarter of fiscal 2026, the RoA inching up to 3.4% (on an annualised basis). Despite profitability remaining above average, it remains susceptible to asset quality challenges owing to unsecured nature of asset class.

Key Rating Drivers - Weaknesses 

Susceptibility to risks inherent in the credit card business

The entire loan book is unsecured; thereby making the portfolio is inherently risky. The company’s gross non-performing assets (GNPAs) continued to show increasing trajectory during last 4-6 quarters in accordance with the industry dynamics. As on June 30, 2025, company’s gross NPAs stood at 3.07% which were at 3.08% as on March 31, 2025 and 2.76% as on March 31, 2024. The increase in NPAs mainly driven by increase in delinquencies across overdue buckets.

 

The management has taken several measures, including tighter credit policies, higher sourcing from bank channels, increased income cut-offs for new accounts and lower credit limits to risky customers. It has also made adequate provisions. Hence, company’s ability to keep strong check on its collections and recoveries thereby managing its overall portfolio quality, especially in light of risks inherent in the credit card business, will remain a key monitorable.

Liquidity: Superior

As on June 30, 2025, the company had cumulative positive mismatch in all time buckets because of the short tenure of assets. It had cumulative outflow of Rs 42,726 crore (upto 12-month bucket), against inflow of Rs 54,183 crore against same buckets as on said date.

Outlook: Stable

SBI Cards will continue to benefit from the financial and managerial support of the parent and strong brand. Its market position will improve over the medium term while profitability will be sustained.

Rating sensitivity factors

Downward factors

  • Downgrade in the rating of SBI may result in a similar rating action on the company
  • Material change in the shareholding (below 50%) or support philosophy of SBI

About the Company

SBI Cards is the second-largest player (by CIF) in the credit card business with 2.12 crore CIF and market share of 19.1% as on June 30, 2025. Spend for fiscal 2025 was Rs 333,480 crore, compared with Rs 329,589 crore in fiscal 2024 (Rs 262,498 crore in fiscal 2023). Networth stood at Rs 13,782 crore as on March 31, 2025.

 

Profit after tax (PAT) was Rs 1,916 crore on total income (net of finance cost) of Rs 15,459 crore in fiscal 2025, as against Rs 2,408 crore on Rs 14,888 crore, respectively, in fiscal 2024. ROA (calculated) stood at 3.1%, compared with 4.6% during the said period

Key Financial Indicators

As on / for the period ended

Unit

June 2025

March 2025

March 2024

Total assets

Rs crore

66,009

65,546

58,171

Total income (net of finance cost)

Rs crore

4,222

15,459

14,888

PAT

Rs crore

556

1,916

2,408

GNPA

%

3.07

3.08

2.76

Gearing

Times

3.2

3.3

3.3

RoA (calculated)

%

3.4

3.1

4.6

Any other information: Not applicable

Note on complexity levels of the rated instrument:
Crisil Ratings` complexity levels are assigned to various types of financial instruments and are included (where applicable) in the 'Annexure - Details of Instrument' in this Rating Rationale.

Crisil Ratings will disclose complexity level for all securities - including those that are yet to be placed - based on available information. The complexity level for instruments may be updated, where required, in the rating rationale published subsequent to the issuance of the instrument when details on such features are available.

For more details on the Crisil Ratings` complexity levels please visit www.crisilratings.com. Users may also call the Customer Service Helpdesk with queries on specific instruments.

Annexure - Details of Instrument(s)

ISIN Name Of Instrument Date Of Allotment Coupon Rate (%) Maturity Date Issue Size (Rs.Crore) Complexity Levels Rating Outstanding with Outlook
NA Commercial Paper NA NA 7 to 365 Days 34000.00 Simple Crisil A1+
INE018E08144 Lower Tier II Bonds 29-Jan-19 9.55 29-Jan-29 250.00 Complex Crisil AAA/Stable
INE018E08169 Lower Tier II Bonds 12-Jun-19 8.99 12-Jun-29 100.00 Complex Crisil AAA/Stable
INE018E08300 Lower Tier II Bonds 30-Jun-22 8.25 30-Jun-32 250.00 Complex Crisil AAA/Stable
INE018E08342 Lower Tier II Bonds 24-Jan-24 8.33 24-Jan-34 525.00 Complex Crisil AAA/Stable
INE018E08359 Lower Tier II Bonds 28-Feb-24 8.29 28-Feb-34 750.00 Simple Crisil AAA/Stable
INE018E08367 Lower Tier II Bonds 08-Aug-24 8.25 08-Aug-34 1500.00 Complex Crisil AAA/Stable
NA Lower Tier II Bonds# NA NA NA 425.20 Complex Crisil AAA/Stable
NA Lower Tier II Bonds# NA NA NA 1500.00 Complex Crisil AAA/Stable
INE018E08227 Non Convertible Debentures 22-Dec-20 6.00 22-Dec-25 450.00 Simple Crisil AAA/Stable
INE018E08326 Non Convertible Debentures 14-Nov-22 7.90 14-Nov-25 350.00 Simple Crisil AAA/Stable
INE018E08334 Non Convertible Debentures 17-May-23 7.85 17-May-28 810.00 Simple Crisil AAA/Stable
INE018E08375 Non Convertible Debentures 30-Jul-25 7.05 28-Jul-28 2000.00 Simple Crisil AAA/Stable
NA Non Convertible Debentures# NA NA NA 2000.00 Simple Crisil AAA/Stable
NA Non Convertible Debentures# NA NA NA 940.00 Simple Crisil AAA/Stable
NA Non Convertible Debentures# NA NA NA 2000.00 Simple Crisil AAA/Stable
NA Bank Guarantee NA NA NA 10.00 NA Crisil A1+
NA Cash Credit & Working Capital Demand Loan NA NA NA 40990.00 NA Crisil AAA/Stable
NA Proposed Long Term Bank Loan Facility NA NA NA 1425.00 NA Crisil AAA/Stable
NA Proposed Long Term Bank Loan Facility NA NA NA 6000.00 NA Crisil AAA/Stable
NA Term Loan NA NA 27-Mar-26 250.00 NA Crisil AAA/Stable
NA Term Loan NA NA 18-Mar-27 4200.00 NA Crisil AAA/Stable
NA Term Loan NA NA 21-Apr-27 250.00 NA Crisil AAA/Stable
NA Term Loan NA NA 21-Jun-27 875.00 NA Crisil AAA/Stable
NA Term Loan NA NA 30-Jul-27 1000.00 NA Crisil AAA/Stable
NA Term Loan NA NA 19-Oct-27 1000.00 NA Crisil AAA/Stable
NA Term Loan NA NA 29-Aug-27 1000.00 NA Crisil AAA/Stable

# Yet to be issued


Annexure - Details of Rating Withdrawn

ISIN Name Of Instrument Date Of Allotment Coupon Rate (%) Maturity Date Issue Size (Rs.Crore) Complexity Levels Rating Outstanding with Outlook
INE018E08318 Non Convertible Debentures 15-Sep-22 7.39 15-Sep-25 500.00 Simple Withdrawn
INE018E08292 Non Convertible Debentures 03-Jun-22 7.51 03-Jun-25 750.00 Simple Withdrawn
Annexure - Rating History for last 3 Years
  Current 2025 (History) 2024  2023  2022  Start of 2022
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Fund Based Facilities LT 56990.0 Crisil AAA/Stable 19-09-25 Crisil AAA/Stable 30-12-24 Crisil AAA/Stable 11-12-23 Crisil AAA/Stable 05-08-22 Crisil AAA/Stable Crisil AAA/Stable
      -- 28-03-25 Crisil AAA/Stable 13-11-24 Crisil AAA/Stable 30-10-23 Crisil AAA/Stable 31-03-22 Crisil AAA/Stable --
      -- 20-02-25 Crisil AAA/Stable 26-09-24 Crisil AAA/Stable 22-09-23 Crisil AAA/Stable 29-03-22 Crisil AAA/Stable --
      --   -- 29-07-24 Crisil AAA/Stable 28-06-23 Crisil AAA/Stable 25-02-22 Crisil AAA/Stable --
      --   -- 05-07-24 Crisil AAA/Stable 24-05-23 Crisil AAA/Stable 07-01-22 Crisil AAA/Stable --
      --   -- 07-06-24 Crisil AAA/Stable 23-05-23 Crisil AAA/Stable   -- --
      --   -- 30-04-24 Crisil AAA/Stable 24-04-23 Crisil AAA/Stable   -- --
      --   -- 27-03-24 Crisil AAA/Stable 22-03-23 Crisil AAA/Stable   -- --
      --   -- 03-01-24 Crisil AAA/Stable 27-01-23 Crisil AAA/Stable   -- --
Non-Fund Based Facilities ST 10.0 Crisil A1+ 19-09-25 Crisil A1+ 30-12-24 Crisil A1+ 11-12-23 Crisil A1+ 05-08-22 Crisil A1+ Crisil A1+
      -- 28-03-25 Crisil A1+ 13-11-24 Crisil A1+ 30-10-23 Crisil A1+ 31-03-22 Crisil A1+ --
      -- 20-02-25 Crisil A1+ 26-09-24 Crisil A1+ 22-09-23 Crisil A1+ 29-03-22 Crisil A1+ --
      --   -- 29-07-24 Crisil A1+ 28-06-23 Crisil A1+ 25-02-22 Crisil A1+ --
      --   -- 05-07-24 Crisil A1+ 24-05-23 Crisil A1+ 07-01-22 Crisil A1+ --
      --   -- 07-06-24 Crisil A1+ 23-05-23 Crisil A1+   -- --
      --   -- 30-04-24 Crisil A1+ 24-04-23 Crisil A1+   -- --
      --   -- 27-03-24 Crisil A1+ 22-03-23 Crisil A1+   -- --
      --   -- 03-01-24 Crisil A1+ 27-01-23 Crisil A1+   -- --
Commercial Paper ST 34000.0 Crisil A1+ 19-09-25 Crisil A1+ 30-12-24 Crisil A1+ 11-12-23 Crisil A1+ 05-08-22 Crisil A1+ Crisil A1+
      -- 28-03-25 Crisil A1+ 13-11-24 Crisil A1+ 30-10-23 Crisil A1+ 31-03-22 Crisil A1+ --
      -- 20-02-25 Crisil A1+ 26-09-24 Crisil A1+ 22-09-23 Crisil A1+ 29-03-22 Crisil A1+ --
      --   -- 29-07-24 Crisil A1+ 28-06-23 Crisil A1+ 25-02-22 Crisil A1+ --
      --   -- 05-07-24 Crisil A1+ 24-05-23 Crisil A1+ 07-01-22 Crisil A1+ --
      --   -- 07-06-24 Crisil A1+ 23-05-23 Crisil A1+   -- --
      --   -- 30-04-24 Crisil A1+ 24-04-23 Crisil A1+   -- --
      --   -- 27-03-24 Crisil A1+ 22-03-23 Crisil A1+   -- --
      --   -- 03-01-24 Crisil A1+ 27-01-23 Crisil A1+   -- --
Lower Tier II Bonds LT 5300.2 Crisil AAA/Stable 19-09-25 Crisil AAA/Stable 30-12-24 Crisil AAA/Stable 11-12-23 Crisil AAA/Stable 05-08-22 Crisil AAA/Stable Crisil AAA/Stable
      -- 28-03-25 Crisil AAA/Stable 13-11-24 Crisil AAA/Stable 30-10-23 Crisil AAA/Stable 31-03-22 Crisil AAA/Stable --
      -- 20-02-25 Crisil AAA/Stable 26-09-24 Crisil AAA/Stable 22-09-23 Crisil AAA/Stable 29-03-22 Crisil AAA/Stable --
      --   -- 29-07-24 Crisil AAA/Stable 28-06-23 Crisil AAA/Stable 25-02-22 Crisil AAA/Stable --
      --   -- 05-07-24 Crisil AAA/Stable 24-05-23 Crisil AAA/Stable 07-01-22 Crisil AAA/Stable --
      --   -- 07-06-24 Crisil AAA/Stable 23-05-23 Crisil AAA/Stable   -- --
      --   -- 30-04-24 Crisil AAA/Stable 24-04-23 Crisil AAA/Stable   -- --
      --   -- 27-03-24 Crisil AAA/Stable 22-03-23 Crisil AAA/Stable   -- --
      --   -- 03-01-24 Crisil AAA/Stable 27-01-23 Crisil AAA/Stable   -- --
Non Convertible Debentures LT 8550.0 Crisil AAA/Stable 19-09-25 Crisil AAA/Stable 30-12-24 Crisil AAA/Stable 11-12-23 Crisil AAA/Stable 05-08-22 Crisil AAA/Stable Crisil AAA/Stable
      -- 28-03-25 Crisil AAA/Stable 13-11-24 Crisil AAA/Stable 30-10-23 Crisil AAA/Stable 31-03-22 Crisil AAA/Stable --
      -- 20-02-25 Crisil AAA/Stable 26-09-24 Crisil AAA/Stable 22-09-23 Crisil AAA/Stable 29-03-22 Crisil AAA/Stable --
      --   -- 29-07-24 Crisil AAA/Stable 28-06-23 Crisil AAA/Stable 25-02-22 Crisil AAA/Stable --
      --   -- 05-07-24 Crisil AAA/Stable 24-05-23 Crisil AAA/Stable 07-01-22 Crisil AAA/Stable --
      --   -- 07-06-24 Crisil AAA/Stable 23-05-23 Crisil AAA/Stable   -- --
      --   -- 30-04-24 Crisil AAA/Stable 24-04-23 Crisil AAA/Stable   -- --
      --   -- 27-03-24 Crisil AAA/Stable 22-03-23 Crisil AAA/Stable   -- --
      --   -- 03-01-24 Crisil AAA/Stable 27-01-23 Crisil AAA/Stable   -- --
All amounts are in Rs.Cr.
Annexure - Details of Bank Lenders & Facilities
Facility Amount (Rs.Crore) Name of Lender Rating
Bank Guarantee 10 State Bank of India Crisil A1+
Cash Credit & Working Capital Demand Loan 2630 ICICI Bank Limited Crisil AAA/Stable
Cash Credit & Working Capital Demand Loan 1420 HDFC Bank Limited Crisil AAA/Stable
Cash Credit & Working Capital Demand Loan 1750 Central Bank of India Crisil AAA/Stable
Cash Credit & Working Capital Demand Loan 3250 Punjab National Bank Crisil AAA/Stable
Cash Credit & Working Capital Demand Loan 500 Indian Bank Crisil AAA/Stable
Cash Credit & Working Capital Demand Loan 2000 Bank Of India Limited Crisil AAA/Stable
Cash Credit & Working Capital Demand Loan 3800 Bank of Baroda Crisil AAA/Stable
Cash Credit & Working Capital Demand Loan 1050 The Hongkong and Shanghai Banking Corporation Limited Crisil AAA/Stable
Cash Credit & Working Capital Demand Loan 22990 State Bank of India Crisil AAA/Stable
Cash Credit & Working Capital Demand Loan 1600 Sumitomo Mitsui Banking Corporation Crisil AAA/Stable
Proposed Long Term Bank Loan Facility 1425 Not Applicable Crisil AAA/Stable
Proposed Long Term Bank Loan Facility 6000 Not Applicable Crisil AAA/Stable
Term Loan 250 IDBI Bank Limited Crisil AAA/Stable
Term Loan 4200 HDFC Bank Limited Crisil AAA/Stable
Term Loan 250 Punjab National Bank Crisil AAA/Stable
Term Loan 875 Indian Bank Crisil AAA/Stable
Term Loan 1000 Bank Of India Limited Crisil AAA/Stable
Term Loan 1000 The Hongkong and Shanghai Banking Corporation Limited Crisil AAA/Stable
Term Loan 1000 Central Bank of India Crisil AAA/Stable
Criteria Details
Links to related criteria
Basics of Ratings (including default recognition, assessing information adequacy)
Criteria for Finance and Securities companies (including approach for financial ratios)
Criteria for factoring parent, group and government linkages

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Crisil Ratings uses the prefix 'PP-MLD' for the ratings of principal-protected market-linked debentures (PPMLD) with effect from November 1, 2011, to comply with the SEBI circular, "Guidelines for Issue and Listing of Structured Products/Market Linked Debentures". The revision in rating symbols for PPMLDs should not be construed as a change in the rating of the subject instrument. For details on Crisil Ratings' use of 'PP-MLD' please refer to the notes to Rating scale for Debt Instruments and Structured Finance Instruments at the following link: https://www.crisilratings.com/en/home/our-business/ratings/credit-ratings-scale.html