CRISIL has reaffirmed its ‘CRISIL AAA/Stable/CRISIL A1+‘ ratings for SBI Cards’ debt instruments and bank facilities. This reflects continued support from majority shareholder, State Bank of India (SBI), and SBI Cards’ steady market position, holding a market share of 19.0% as of September 30, 2025. While profitability has moderated, it remains above average.
Rating Reaffirmation Details
CRISIL Ratings has reaffirmed its ‘CRISIL AAA/Stable/Crisil A1+‘ ratings on the debt instruments and bank facilities of SBI Cards, reflecting strong support from its parent company, State Bank of India. The ratings factor in SBI’s majority ownership and the shared brand, implying a strong moral obligation to support SBI Cards.
Key Rating Drivers
The reaffirmation is underpinned by the expectation of continued financial, managerial, and branding support from SBI. SBI Cards benefits from SBI’s strong customer base. As of June 30, 2025, SBI held a 68.6% stake in SBI Cards and is expected to maintain a majority stake over the medium term.
Market Position and Financial Performance
SBI Cards maintains a steady market position, holding a 19% market share in terms of cards-in-force (CIF) as of September 30, 2025. Gross card receivables stood at Rs 59,845 crore as of the same date. While profitability has seen some moderation in fiscal year 2025, it remains above average. Return on Assets (RoA) stood at 3.0% for the first half of fiscal 2026 on an annualized basis.
Asset Quality
The company’s gross non-performing assets (GNPAs) have shown an increasing trend, reaching 2.85% as of September 30, 2025. However, SBI Cards’ ability to manage collections and recoveries remains a key monitorable.
Detailed Rating Actions
| Instrument | Rating Action |
|---|---|
| Total Bank Loan Facilities Rated | Rs.62000 Crore (Enhanced from Rs.57000 Crore) |
| Long Term Rating | Crisil AAA/Stable (Reaffirmed) |
| Short Term Rating | Crisil A1+ (Reaffirmed) |
| Rs.34000 Crore Commercial Paper | Crisil A1+ (Reaffirmed) |
| Lower Tier II Bonds Aggregating Rs.5300.2 Crore | Crisil AAA/Stable (Reaffirmed) |
| Non Convertible Debentures Aggregating Rs.8550 Crore | Crisil AAA/Stable (Reaffirmed) |
Source: BSE