Thank you, Sagar. Good evening to everyone joining us on the call today as we present Q3 FY '26 financial results.

I would like to extend a warm welcome on behalf of the board and the management team at SBI Card. Amid the ongoing geopolitical uncertainties, India continues to demonstrate remarkable resilience and sustained momentum.

With GDP currently valued at US$4.18 trillion, India is firmly on track to become the world's third largest economy. GDP is projected to reach US$7.3 trillion by 2030, underscoring the scale of growth opportunities ahead.

This growth is underpinned by a sustained upward trajectory in domestic demand driven by supportive tax reforms, robust consumer demand, and structural improvements under GST. Many such factors have collaboratively strengthened consumption across both discretionary and non-discretionary categories.

Over the past few years, India's digital payments ecosystem has evolved rapidly with strong support from the government and key stakeholders across the industry. Specifically talking about the credit card industry, as per the RBI data, credit card spends up to December 2025 were 17.67 lakh crore rupees, 13.5% higher than a year earlier, while credit card transaction volume increased by 26.5% to about 4.4 billion during the same period.

Overall, digital payments are now firmly embedded in consumer behavior with transactions becoming quicker, lower in ticket size, higher in frequency, and increasingly integrated with credit. As the credit landscape continues to evolve and improve, SBI Card, as a customer-centric and agile organization, views these developments as opportunities to drive sustainable growth and deliver consistent financial performance.

Our growth remains anchored in delivering seamless customer journeys, offering personalized rewards, and offering best-in-class products that meet the evolving needs of our customers. During the quarter, we rolled out various customer-centric initiatives, including the launch of Khushiyan Unlimited, our integrated, multilingual, nationwide festive campaign featuring over 1,250 offers from leading brands across more than 2,950 cities.

We continued to form strategic partnerships with leading players, including Amazon, Flipkart, and Apple, to enrich customers' shopping experience. We were a key partner with Apple for the newly launched iPhone 17 to drive spends and customer engagement.

Coming to business performance, our robust business model and disciplined portfolio management, balancing customer engagement and prudent risk management, have enabled us to deliver strong results during the quarter. The outcome validates the impact of our focused approach, including recent tech-driven initiatives such as hyper-personalization and strengthening of early warning digital models.

Let me share some key metrics. Cards-in-force have grown to around 2 crore 18 lakh with 8% YoY growth.

We added 8,64,000 new accounts while continuing to focus on quality acquisition. Sourcing from open market and banca were 56 versus 44% respectively.

As per the RBI December 2025 data, SBI Card continues to be India's second largest credit card issuer with cards-in-force market share at 18.8%. While this quarter's acquisitions were moderate, over the next few quarters, we aim to acquire around 900,000 to 1 million new accounts every quarter with focus on quality and premium accounts.

This will be done with an oversight on risk and asset quality to ensure sustainable, well-balanced growth. As for the spends, as per RBI December 2025 data, our spends market share has further grown to 17.7% in FY '26.

Spends during the quarter reached the highest-ever level of 1,14,700 and—

Thank you, Sagar. Coming back to the spends, retail spends reached 91,962 crore, witnessing a 14% YoY growth.

We have seen good growth across most PoS and online spend categories. Online spends witnessed strong growth across all non-discretionary and discretionary categories.

Online spends contributed around 62.1% of the total retail spends during the 9 months of FY '26. As a result of our continued focus on diversification of use cases, corporate spends witnessed strong growth and reached 22,739 crore during the quarter.

We continue to benefit from the UPI on credit card linkage. Driven by festive season, UPI on credit card usage continued to gain momentum, witnessing further 20% growth quarter-over-quarter, majorly in department stores, groceries, utilities, fuel, apparel, and restaurants.

Let me now share a few key metrics of our financial performance. Revenue from operations reached 5,127 crore, witnessing 11% growth YoY.

Revenue has been higher mainly due to higher spend-based income. Profit after tax was 557 crore, witnessing 45% growth YoY, mainly driven by improved gross credit cost and lower cost of funds.

Operating cost during the quarter was higher due to higher corporate passback driven by increase in corporate spends. We have also recognized a one-time increase in gratuity and leave encashment expense for the past services amounting to 12 crore rupees, primarily arising due to change in definition of eligible wages as per the recently communicated revised labor code.

The cost-to-income ratio for the quarter was 56.8%. Receivables during the quarter reached 57,213 crore with almost 4% growth YoY.

The high interest-earning assets were at 56% with revolver rate at 23%. This is due to the higher transactor volume leading to higher repayment post the festive period, as has been the case in the previous years.

The higher average transactor volume also impacted the yield for the quarter, which was 16.3% versus 16.5% in the previous quarter. With revolver balances on a downward bias, we are focusing on prioritizing growth in our EMI portfolio to expand interest-bearing asset and drive more predictable revenue streams.

Our tie-ups with merchants, OEMs, and partners are also aimed towards this initiative. The cost of funds on a daily weighted average basis for Q3 was lower by 5 basis points quarter-over-quarter.

The benefit from repo rate cuts on our floating book has been mostly absorbed. The cost of funds is expected to remain stable at current levels from here on.

The net interest margin for the quarter was 11% versus 11.2% during Q2. As regards asset quality, over the last few quarters, our actions on underwriting, portfolio management, and collections have helped us improve the asset quality, giving us a better portfolio mix, lower NPAs, and lower credit cost.

Gross credit cost has improved from 9% during the previous quarter to 8.3%, mainly contributed by lower gross write-offs. Gross NPA for the quarter remained flat at 2.86%.

However, the NPA stock has reduced by 67 crores quarter-over-quarter and 140 crores year-over-year to 1,638 crores. Stage 2 balance, which is portfolio of significant increase in credit risk, has also reduced by 246 crore quarter-over-quarter and 844 crore year-over-year to 2,239 crore.

The lower NEA and lower Stage 2 and Stage 3 stock resulted in a write-back of 121 crore of provision as per the ECL model. However, the same has been retained, and thus, the company is carrying an additional provision of 121 crores as at the end of the quarter.

With lower Stage 2 and Stage 3 stock, there is an improvement in the slippage ratio as well quarter-over-quarter. As we have mentioned in our last earnings call, the gross credit cost is on a downward trend.

With adequate provisioning, lower delinquent stocks, and continued momentum on both portfolio management and collections, our portfolio today reflects a stronger profile. As regards liquidity and capital adequacy, our liquidity position continues to be strong.

Our capital adequacy ratio was at a strong level of 24.4%. ROA for the quarter was 3.2%, higher 79 basis points year-over-year.

ROE for the quarter was 14.7%, higher by 322 basis points year-over-year. To conclude, amidst a dynamic environment supported by wide set of coordinated strategic interventions, the company has delivered robust results for the quarter and for the 9 months of FY '26.

We remain focused on further strengthening our risk management framework, moderating credit costs, and maintaining healthy asset quality to ensure long-term robustness and resilience. The performance reinforces our confidence that we are on the right path.

Looking ahead, we intend to scale up our business in a calibrated manner to ensure stronger and sustainable, profitable growth for the long term. With that, we are now open for questions.

Thank you.

Good evening. I did not catch it properly.

You said that there has been a release of 121 crores which you have not written back. It would have been written back in the gross credit cost, is it?

Means the provisions would have declined by 121 crores. Is that what you meant?

That's right, Mahrukh. Number one, the provisions would have declined by 121 crore, the gross credit cost would have declined, and also the profits would have been higher by approximately the same amount, had we written it back.

Okay. Since you already have been tightening over the years your provisioning policy, why did you not choose to write this back?

It's for two reasons, that we are hopeful that in the coming days we will be able to grow the receivables towards which we are working. Number two, we normally do an annual review of our risk models as well.

In the past, we have seen there has been some volatility in the gross credit cost and the profit numbers when we have seen some variance because of the different variation in the stocks, variation in the receivable numbers. To reduce that volatility, we thought that we'll wait for now till we are done with the model refresh and we'll take a call after that.

Model refresh is in the fourth quarter?

We normally do it annually.

Okay.

In Q4. Yeah.

It'll be now in the fourth quarter, right? Like in the last quarter of the year.

Right.

Okay. My other question is on growth.

Obviously there's a festival base and all lenders have seen a decline in AUM, right, or in receivables. Everyone's seeing like a 5 to 7% decline, and so have you.

What's the real reason? Of course there's a festival base, but receivable growth looks very anemic through the sector.

Is it that the credit cards are losing share to other payment products? How do we view this on a structural basis?

What is the guidance on AUM growth now? Because we're already at 5% year-on-year, what would be the guidance?

When would we reach mid-teens or early teens? That's my other question.

Mahrukh, on your second question, on the AUM growth, first of all, it is not a structural issue. The reason primarily is that if you look at the retail payments and the transactions, both are growing consistently.

In fact, it's the other way round. If you look at the spends growth on retail, which is at around 15% or so, is lagging the transaction growth.

That means customers are using the card for even low-value transactions, and it is becoming more ingrained in their lifestyle. There is no issue on that side.

On the asset side, as was being stated, the asset has three parts: transactor asset, revolver asset, and the installment asset. Transactor asset can keep on varying on a month-to-month basis depending on the seasonality and it keeps going up and down.

On a year-on-year basis, you will see some trend lines there. One festival here and there otherwise.

As of now, the revolver asset is where we see is either stable or no growth is happening there. We have been very cautious there and we have been stating that over the last 5 to 6 quarters that we have tightened our new customer acquisition, and we have been more selective there.

We would want the credit cost to come down. For that reason, the overall, as what we see, that the revolving asset has a slightly downward bias.

As MD ma'am mentioned in her opening remarks, we are going to focus on what is in our control primarily, which is on the installment asset, which is growing. The new sale of installment asset actually is growing higher than the retail spends, which is a very good trend because the customers who are spending are converting more of their spends into asset.

Spend to lend is going stronger. These are the trends as of now.

As we see the credit cost come down to the levels where it is comfortable and we are okay with it, incremental or marginal customers can be always looked at.

Just to supplement what Girish mentioned, Mahrukh, we will continue to grow, but the growth will be sustainable. Ultimately the customer as well as the business that we do has to be profitable.

We are having a calibrated approach, but this is something that we will continue to do, that we are not going to grow recklessly. We'll grow where we see merit and where we see value.

Okay. Thank you so much.

Thank you.

Thank you.

Hi. Thank you so much for taking my questions.

After a very long period of time, we're seeing some really good numbers, right? Sorry, I think you answered about the receivables, right?

What are the trends looking like, right? Is the spend increasing, or are we going to focus more on the EMI assets?

Because if I look at your presentation, right, what you see is that the Q-on-Q growth about the retail spends is not very significant, right? I just wanted your thoughts on some qualitative commentary on that front.

That's the first question. The second one, which I wanted to really understand is that you mentioned in your initial remarks that it was about four quarters back when you were growing at 1.1 million or almost 1 million customers every quarter, and you said you will go back to that.

What happens? What is your assessment again on the side of the quality?

Do we have so many customers, and do you see the growth increasing on the same path going forward, or you will be more aggressive in terms of acquiring new customers? Thank you.

If I got your first question correctly, it was about spends where you said that the growth has not been significant. See, there's a little bit of seasonality in the previous quarter, and there was to some extent where we saw spends happening because of the festive season as well as uptick because of the GST rationalization that happened in the last quarter.

I would say that we see consistency, and in terms of the spends also, we are seeing a good growth happening. Quality of spends is also improving, and spends per card if you look at the investor presentation has also improved.

That gives us the comfort that, in fact, last year what I understand that the festivals were there for the 2 days in the Q2, whereas this time the festival season started almost 10 days earlier before the end of Q2. There was a spends spillover which happened in the last quarter as well as this quarter.

Both the quarters had a respectable spend growth. Number two, I would stick to what I said earlier, that we will grow, we see ample opportunity, but we will continue to see where is the value, the business and customer profile should be valuable and profitable for the company as well.

We will continue to grow. We are very hopeful with the kind of initiatives that we are taking that once we start seeing much more abatement in the asset quality, we will go to the next level.

As of now also, it's not that we will not grow, we will continue to grow and have a consistent growth in terms of the customer acquisition.

Thanks. Just to follow up on that, ma'am.

You said 1 million customers is what you're looking at, right? I just want to get that clear, right?

We will be able to acquire 1 million customers by having aggressive strategy, but at the same point of time, they will be more sustainable with less risk of any sort of a Stage 2, Stage 3 kind of a category, right? That's what you are trying to say in based line.

Right.

Okay. Thank you very much, again, after a very long period of time, a very good quarter.

I hope it sustains and continues. Congrats to you and your management.

Thank you, Aditya.

Hey. Firstly, on the margins, given that we're going for quality, and we talk about revolver assets have downward bias, where and when do you see the margin bottoming out, or how should we think about the margin going forward?

On the margin, there are two elements. The first one is on the yield.

I will talk first on the yield. We see a slight downward trend on the yield, and primarily the reason here is, as I was stating earlier, that the revolving asset percentage will have a slight downward trend at least for next three 2 to 4 quarters, 2 to 3 quarters.

Given that, we will have a downward trend on the yield at this stage. Cost of funds, it will remain stable there Yeah.

See, at this point in time, it doesn't look like there's going to be another rate cut. If it happens, obviously, we'll get the benefit of that.

Just adding on to what Girish was saying, the yield on the portfolio definitely looks like on a downward trend. Cost of funds at the most will remain stable if it doesn't start to go up because, as the expectation of a rate cut has disappeared, you have seen that in quarter 4 in January this month, the short end and both the long end have moved up on the rates.

On a near to medium term, I would say the margin will shrink towards the second half of the year. I just want to add to that that ultimately we are talking about the overall profitability of it.

The idea is how do we optimize the profits so that we have the right optimal margins and also ensure that the riskiness of the customer is to the extent where we are not seeing substantial losses. That is the idea, and we will continue to ensure that the margins remain stable within the profile that we want in terms of the customers.

Got it. Just on the growth outlook, we talk about going back to 10 lakh 9 10 lakh kind of a new customer run rate, which seems to be suggesting your cards in force is going to be growing at, I'd say, 9, 10%.

Which has been the case for the past couple of quarters. If our spends can't grow by 10%, spends grow by 15%, we have seen your receivable growth, 7, 8%, now is 5.

Walk out the math to go out. How do we get back to that 10, 15% receivable growth with, I'd say, is that doable with kind of 9, 10 lakh kind of customer acquisition?

Right. It is doable.

There are multiple levers for doing that. It is not only that if the cards grow, then only the asset will grow, because asset per customer also there is an opportunity to.

At this stage, because it is also about the kind of risk and return ratio that you are looking at. As of now, what we are doing here is and what we are looking at is that we are being more as ma'am said, we are being calibrated, we are being fairly selective.

We will look at that there is no dearth of customers. We can always look at certain specific segments and go slightly deeper and build asset there.

Those opportunities are there in front of us. We will go to them at the right time when the comfort with the credit quality is there with us.

Cool. Sorry, just last one question on the other income.

It went from 171, 160-odd crore usually, it went to 226 crores this quarter. What's the jump about?

You want to tell there's a one-time? In fact, we made a disclosure in the exchange filing.

There is a release of one of the provisions that we were carrying, and 50 crores of that release has gone into the other income. You can actually read the exchange disclosure.

It has details on the provision release.

Got it. Thank you so much, and congratulations.

Good evening, team. Thanks for the opportunity.

On the ECL model changes that we've done, if you could highlight what were the changes that led to the release?

No, no. We didn't make any changes in the models.

It's just that we, as we keep on saying, that we refresh the data. When we get one new quarter of data, then we drop one quarter from the old though in the overall model.

That is the only thing we did. If you look at the investor presentation, you will see that actually because of that, the provision rates have actually increased.

The reason why there was an ECL releases that the stock in Stage 2, Stage 3, as well as Stage 1 has gone down. Because of that, basically the overall ECL declined, but we decided to have an management overlay there and retain those provisions.

Sure. One of the competitors in the recent 3Q results indicated that they will have two more quarters of pain in credit cards, where slippages may likely remain elevated.

Anything that we want to comment on till when this elevated slippage and credit cost can continue?

We continue to see a downward trend as we have been mentioning, because the kind of slippages we are seeing, the kind of roll rates we are seeing, the reduction in the stock we are seeing, and this has been because the company has been working on improving the asset quality for many quarters now. We are seeing the benefit.

We don't expect looking at the numbers today that there will be any elevation in terms of the stress in the portfolio.

Sure. The total spends in the category 3 has jumped sharply in the 9 months.

Is it primarily driven by corporate cards, or what is driving this jump?

No, so that data is completely your retail data. There is no element of corporate in that.

I'll come to that category. I'll just explain the category.

In the category 3, there is travel agents, hotel, airlines, and railways. What we have seen is in the travel segment and entertainment segment, there is a jump up on the online spends.

Fine. Lastly, if you look at the opex growth has been almost 21% in the 9 months and income growth is 12%.

From an operating jaws perspective, going into FY '27, how should one think on it?

While you're talking about a overall opex growth and the growth, yeah, going into next year, there will be two elements which should be looked at. One is that as of now, we are direct indicating 900,000 to 1 million cards a quarter.

However, if during the year we want to increase the number of cards or increase the acquisition, that will be incremental cost over this year. That's actually comes as a opex, but it is an investment into the future from a company perspective, so that is one.

The second part is also about the corporate card spends. We always stated that the market is at anywhere between 20 to 25%, and in this quarter, we are now finally around 19, 20% of the overall corporate spends as a overall retail spends.

We would want it to be broadly in this space. From this quarter, whatever you see as a corporate card spends, we don't want it to as a percentage terms go further than that.

These are the two broad trend lines that you will see as a differential this year over next year.

Okay. Thanks.

Lastly, just the Tier 1 ratio which has jumped this quarter, what is the rationale for that?

Profits have increased. Profits for the quarter.

Yeah. Q-on-Q, there's a jump in Tier 1 ratio.

That's because see, both the risk-weighted assets have declined slightly, and the profits have been added. Both the numerator and the denominator impact is there.

Sure. Thank you.

Hi. Am I audible?

Yes. Yeah.

Thanks for the opportunity. I had three questions.

This quarter, we have seen new account addition has seen a kind of a decline, whereas we are talking about adding up 1 million accounts each quarter gradually. Can you give some color of which are the customer base that would be focused, because we are talking about being selective and conservative?

Which geographies or which kind of customer base, if you can throw some light on that, that will be helpful. That's my first question.

Okay. To answer your first question, this quarter, we were as per our estimates, we were close to around 30 to 50,000 cards shorter as per in achieving our target.

We would like to compensate for that in this quarter. We try to stay between 900 to a million, but whatever 30, 40, 50,000 we fell short of in last quarter, we want to compensate for it in this quarter.

Ideally, we would want our banca contribution to be around 50 to 55% and the balance coming from the open market. As you have seen, in the last quarter, we have tied up with three large players.

We have a co-brand with IndiGo, we have done a co-brand with Flipkart, and we have a co-brand with PhonePe and Tata Neu. These are large digital co-brands.

Strategically, we would want to on the open market work with as many large digital partners so that we can get the customers from there, where you get the spending customers who have a value proposition which they like. From the banca side, we have already integrated with YONO 1 and now with YONO 2.

You would have recently seen the launch of YONO 2 and internet banking. This is the primary focus area where we are want to give a seamless end-to-end digital experience to customer.

These are the areas where we are focusing. It is not about a geography or a particular segment or obviously government salaried is one of the best customer segments, and we continue to be strong in that particular segment.

From a customer psychographics and demographic perspective, we would want to go as much digital because it is not only about acquiring the customer, it is also about activating him, keeping him engaged with us for a long period of time. Looking at all those parameters, this is the way that we are looking at acquiring our customers.

Okay. That sounds great.

Thank you. Second question is on opex.

Now, obviously, we have seen a kind of a moderation in growth, and obviously, [unclear] gradually we are talking about acquiring more customers, obviously, through digital mode and all. How do you see our current cost-to-income is somewhere around 56% kind of number.

Also, we are talking about doing more co-branded credit cards across. What trajectory are we seeing on the opex front and cost-to-income front or cost-to-average assets front?

Can you give some color on that?

Cost-to-income, we anyway have indicated that for the year, we should be in the 55 to 57% range, and the reason why we gave that guidance out was because we were expecting

I was saying that we had given a guidance for a 55-57 because we were obviously expecting a higher corporate spend this year given the growth that you've seen there, and we maintained that for this year. I think on the other, in general, on the opex, how will it look like for the next year, Girish has already given an indication that as we grow the number of cards per quarter once we get back to that number, it will obviously impact the opex numbers.

I think corporate spends, we are at about 20-odd percent of our overall spends. We will maintain that ratio.

In terms of year-on-year, that won't really be that big a delta in the cost-to-income ratio. As we continue to grow the number of cards, that will definitely impact cost-to-income.

We should see overall range inching up? Is that a fair assumption?

I would still say should be in the same range of 55 to 57 next year.

Understood. Final, third question is on your credit cost.

Right now it's 8.3. Obviously, if you adjust for 121 crores provision release, it would have been even lesser.

Any broad trajectory that we are thinking about that I understand that credit card generally remains cyclical business, but since MD ma'am is talking about bringing up more stability in overall earnings and all, any broader range that is there what we are thinking about in case of credit cost for next, say, next 2 to 3 years kind of a horizon? How do we see that one?

As I have been mentioning earlier as well, Jignesh, it's a very long period for credit card portfolio right now to speak about. The intent is, and the numbers reflect very clearly, that we will continue to work on reducing the overall gross credit cost going forward, and you will definitely see improvement in the coming quarters.

All right. There is no broader range or any levels that you think we should be settling at, say, 6%, 7% kind of a number or nothing right now in the horizon?

As of now, see, I will not comment on 6, 6.5, but as you have known, in the past, we have seen those numbers, and once we reach, definitely we will be very comfortable.

Understood. Understood.

That's really helpful, ma'am. Thank you, and all the best.

Thank you.

Hi. Thank you for taking my question.

Most of them have been answered, just a couple of clarifications. One is, could you give the break up between salaried and self-employed between your new sourcing in 3Q?

It's

72%. For this quarter, new acquisitions is 72% salaried.

Seven 72 is salaried?

Yes.

Okay. Okay.

Got it. Second is just a clarification.

I think in Note 11, you mentioned that the mandated contributions to PIDF have been reversed from a liability of 70 crores. Could you give the context around that, what is that around?

Very briefly, there was a RBI requirement to contribute to the Payment Infrastructure Development Fund, and for that, we had been building the provisions. We did pay out after a certain period to RBI, and we received regulatory confirmation that the regulator will not be collecting it for the period July to July '24 to June June 2025, and therefore, that provision has been released.

Nothing about the continuity of that scheme beyond December '25. See,

the scheme anyway ended in December on December 31st, 2025. Up till June, we have released the provisions.

Ma'am. Got it.

Thank you.

Hi, team. Thanks for taking my question.

Most have been asked. Just firstly on the cost of funds increasing 10 bps QoQ, that's just mathematical because last quarter of the end of period borrowing effect?

That's right, Piran. The number that you see are on a four-point average, and because the last quarter's number was higher, which is why you see that kind of a trend.

On a daily weighted average, which is what has been also shared and disclosed in the document, our cost of funds has come down by 5 basis points this quarter.

Got it. Ma'am also mentioned that cost of funds should be stable unless we see another rate cut, but the December rate cut benefit should still come in, right?

Or are you saying that's offset because T-bill rates have gone up?

I was hoping as well, Piran, that the benefit should come in, but look at the rates on both the short end and the long end of the curve, they've only gone up.

Okay. Okay.

Broadly, cost of funds should be here.

That's right.

Got it. Then secondly, is the industry and you all taking any further cost-cutting measures to alleviate the top-line pressure?

Because this revolver pressure is there for everyone, not just you all. Any measures in terms of reducing cashbacks and reward points and or maybe sourcing fees, etc.?

Nothing specific, but this is a part of the overall regimen that we continue to review our offerings, our value prop, and whenever we feel that the CBA is not holding out, even in the long run, we keep on taking those measures. Nothing in particular.

Got it. Got it.

That's it from my end. Thanks and wish you all the best.

Thank you.

Hello. Am I audible?

Yes.

Hi. I just wanted to ask regarding the other operating expense which has been largely in the 2,000 crore band for the last two quarters now, is it mainly concerning the corporate spends or is there any other delta to it?

Because these grown from around 1,400 crores to around 2,000 crores in the last five quarters, six quarters.

Sorry, your question is on the

Other operating.

Other operating spends, correct. Other operating expenses.

Just give me a moment, please. I think you are talking about this 17.

Yeah, 2028. Okay.

This includes all the expenses around the cashback, corporate passback, sales, the acquisition cost, all of that.

Okay. Should we also link it to corporate spends in any way then?

If it's going to increase, this should also increase.

As we said that corporate spends this quarter were at about 90 20-odd percent of our overall spends, we would like to maintain that at that ratio. In terms of the rate, you should now see a stable rate quarter-on-quarter.

Then this 2,000 crore should be the run rate for the coming quarters, right?

No, no. There are three elements of cost in this: customer acquisition cost, the cashback and the offers that we do in the market, and the third part is the corporate passback.

Plus the value prop and all.

Plus the customer value prop benefit utilization. It has these four elements into it.

There will be some amount of variation depending on offer and season, but some of the things are fairly stable. For example, value proposition cost is fairly stable.

Customer acquisition costs are, because we are running at this point of last two, three quarters, is fairly stable.

Okay. All right.

Thank you.

Hi, good evening and congrats on a good quarter. Hello, am I audible?

Thank you. Thank you, Nitin.

Thank you. Thank you, ma'am.

One question is around the credit cost. When we look at the credit cost, which has come down from 9% to 8.3%, and it's quite a good decline we are seeing.

Can you also share some color on how much this is as a percentage of retail loans? The reason I'm asking is because while this has declined, but the mix of corporate spends also has increased from 6% to 20% in the past 1 year.

Retail loans I believe is the major cause of this credit cost. How should one look at this entire equation in entirety?

We don't have any delinquency in our corporate portfolio. Whatever credit cost is reflected in terms of the write-offs relates to all retail loans only.

In the past as well as as of the current quarter. Then

what would be that percentage of say retail loans last year versus what is it now so as to make a better sense of this credit cost number?

No, no. Even in the asset, there is hardly any corporate.

Corporate asset is not more than 150 to 250 crore. Balance everything is retail.

Great. That's good to know.

Secondly, within the retail corporate spend mix, how should one look at this going forward? The corporate has been going at a very rapid pace.

Where do you want this mix to be over the coming year or in the short term?

Nitin, it's growing at a slightly higher pace right now because we had lost some ground in the last year. The idea, as Girish mentioned earlier, is that we will try to maintain the mix of having around 20% of the contribution coming from the corporate side, spends side going forward.

Got it. Thank you so much and wish you all the best.

Thank you.

Hello, good evening. Congratulations on the set of numbers.

Ma'am, can you explain the sharp increase in the capital adequacy?

Capital adequacy, one is that accretion of profits has happened, and then the risk-weighted assets have declined as compared to the previous quarter. Both the things have impacted.

Other than that, there's nothing significant there.

Sure, ma'am. Second question broadly is on outlook for growth over the medium term.

It's a reiteration of earlier question, but how do you see this panning out over the medium term? Do you see growth moving up to the double-digit level?

When you talk of medium term, how long are you talking about, Kaitav?

2 to 2 to 3 years.

Definitely. That will be the intent, and we see tremendous opportunity, and definitely we'll work towards it.

Thank you so much.

Thank you.

Hey, hi. Just a couple of questions, ma'am, on the credit cost.

Just qualitatively, when you are now looking at collections from the bad loan book, is this improvement coming in because customers are now getting access to better funds, because we also see personal loans kind of disbursements picking up? Is it access to credit which is leading to better recovery, is it incomes leading to better recoveries, if you could just kind of give us some color, or is it more settlement that you're doing as compared to what you used to do earlier?

What is driving the credit cost decline?

Credit cost decline, I would say collections, we would be happy to see even better collections happening. As you mentioned, we don't think that it's happening as a customer is getting access to other credits.

We have also basically increased the intensity of our collections. We have become more efficient, enhanced the resources, and those are the things which are reaping benefits for us in terms of the customers who are already delinquent.

Apart from that, as we keep on mentioning, that since we are more vigilant in terms of the acquisition, in terms of the portfolio management, we are seeing lower slippages as well. That is also benefiting us.

I would not say that it's happening because of people getting access to credit from somewhere else. I don't think it's working like that right now.

Perfect. Just confirmation, if you're now looking at the forward flows into 30 to 60, 60 to 90, has that also started to drop down meaningfully?

Are you seeing some pullbacks as well? How should we look at these numbers as we go forward?

Sorry, I didn't get you. You're saying it's dropping means?

Is the forward flow from 30 to 60, 60 to 90, is that also starting to fall off, and is there a pull back from the 60 to 90 back to 1 to 30? How are you seeing those trends as well?

Both are happening. We are seeing abatement in terms of the roll forward, as well as pullbacks are also happening.

If that logic holds, should we assume a meaningful reduction in credit cost based on what you've said so far?

See, Mahesh, that's the intent. It's such a volatile industry.

We are working towards it, we are hopeful, and we look forward to it.

Okay. Just last one question.

When you're using some of these platforms, third-party applications for, let you say, RuPay credit cards, does the MDR for you at a net level remain the same or do you as an issuer have to bear some cost to these apps as well?

You're right, Mahesh. We get interchange.

However, in the whole this UPI CC, there is two more extra entities, which is called a TSP and a PSP, which is payment service provider and technical service provider. As per NPCI guidelines, they also get some share of the overall MDR.

This goes out of yours or it goes out from the acquirer side or from the issuer side? Just trying to understand that.

They have done some adjustment. Earlier it was acquirer share and issuer share.

Some part of it goes from the acquirer, some part goes from the issuer.

Okay. Because your number shows 1.2% on the gross side, but I can't see the net number, though.

Because issuer share is slightly higher.

Thank you.

Good evening. Thanks for the opportunity.

A couple of questions. Firstly, we have been seeing a consistent decline in the revolver share.

I think in the past couple of calls, Girish has mentioned that for the newly acquired customers, the proportion of revolver is much lower. Can you give us some sense on what that quantum is versus where we are versus the current 23%?

Where can it settle down over a period of time?

Anuj, we don't disclose those numbers vintage-wise. Again, yes, to Girish's point, yes, we are seeing a downward bias in terms of the new acquisition, which is intuitively also correct because we are slightly more conservative in terms of the new acquisitions.

We are seeing lower revolvers in the new vintages.

Okay. I think during earlier part of the call, Girish also mentioned this can continue for the next couple of quarters and then settle down.

Did I hear it correctly? What gives you the confidence Was it with regard to the revolver share that

No, no. Anuj, let me clarify.

What I stayed was that we will continue to run the tracks that we are running today for till the time we see the credit cost come down under control fully, okay? Once that happens, we can always, because there is no dearth of customers and applicants, In fact, in the last three quarters, there has been a consistent increase in number of applications that we are receiving, okay?

We can always look at certain segments, certain other categories, which we are today not looking at and look at some pilots in those scenarios, okay? Those experimentation and those things, we will look at the right time.

As of now, for next two quarters, this is the track that we are running.

Got it. Pretty clear, Girish.

Secondly, what we have seen is that the spend growth is still good on the retail side. You mentioned 14% number.

When we look at the asset growth, it's a bit more depressed. Ideally, these two numbers should converge at some point of time.

Do you see that scenario panning out in '27 or '28? If you can just give us some guidance or some handholding there, that will be helpful.

Thank you.

Asset growth will lag spends growth in next year. At least for next year.

See, we are seeing overall in the portfolio also that as we've been saying that we see more customers also more aware and becoming more of transactors. As we start building up in terms of the portfolio, in terms of the new cards, and the spends start growing, ultimately, they will culminate into asset growth.

Yeah. Sir,

Hi. Good evening.

Thanks for taking my question. I have three questions.

First one, just a clarification. The other income includes 70 crore reversal of PIDF, the contribution to PIDF which we have reversed.

That was taken in this quarter. Is that correct?

Out

of 70, we've taken 50 in other income, and 20 was reversed from the 51 was taken in the other income, and 20 was 19 was reversed from the Other expenses.

Sure. Got it.

The P&L impact came in this quarter. Secondly, on the ECL provisioning, you mentioned about 121 crore of excess.

The ECL disclosed in one of your slides of 1,989 crore, does that include 121 or that's excluding the

121? Including 120.

Sure. If we remove the 121, the PCR would have dropped because the break down of ECL that you have disclosed in the charts that would have otherwise reduced the PCR.

No, no. Gaurav, in PCR, whatever percentage we have disclosed, we have made a footnote on that it is excluding this 121.

Whatever the ECL is PCR, we are saying that.

All right. This 121 is over and above the ECL provisions that you provided on Stage 1, 2, and 3.

See, you have the stock If you just multiply and subtract, you'll get 121.

Sure. Absolutely.

Got it. The next question is, sorry, I missed the earlier part of the call, have you given any guidance for FY '20 FY '26, FY '27 receivable growth?

No, no, we haven't given. This time, we have not given any guidance.

Okay. Your earlier guidance of 10 to 12%, now that the asset growth has actually fallen to 4.5%, does that stay, the 10 to 12, for this year?

See, we had said 10 to 12 initially in early earnings call. Looking at the numbers and the way the portfolio mix has changed, as of now, we are refraining from giving any guidance because the portfolio doesn't reflect that kind of a growth might happen in terms of 10 to 12%.

Sure. Just final question is on

Gaurav, as I mentioned earlier also, that ultimately asset growth or any customer acquisition ultimately should culminate in better profitability. The idea is to continue to work with the appropriate risk return and see that it gives consistent returns in terms of the profits and profitability.

Understood. Sure.

Finally on the opex, you've given a guidance of 55 to 57. If I look at the comment that the net card or the gross card addition in this quarter was 860 860k and the target is 900k to 1 million, incrementally if I look at, NIM on a full-year basis should be higher next year versus this year.

Is it fair to assume that the opex-to-income would be at the lower end of your guidance or like this year, it will be at the higher end of the guidance? How should we look at cost-to-income for next year given that the gross card addition will also not expand?

Gaurav, we haven't given any guidance for FY '27 as of now. All the discussions have been around

what's

the year. We will obviously give some indications around FY '27 in the next call in April.

All right. This 55 to 57 is for this year.

FY '26, yeah.

Sure. Thank you so much.

That's all from my end.

Good evening to the team. I have two forward-looking questions.

My first question is with consumers' spending patterns evolving and competition in the credit card space intensifies, how is SBI Cards refining its customer acquisition, portfolio mix, and co-branding partnerships to drive sustainable growth? In this context, how are you balancing growth in spends and card-in-force with prudent underwriting and long-term asset quality?

That's my first question. I'll ask my second question after this.

Thank you.

Sukrit, I would say you've asked everything. Ultimately, see, the numbers will reflect.

Competition is there, but there's tremendous potential as well in this market, and we feel that there's a great opportunity. Our strengths give us enough levers to ensure that we continue to grow sustainably, profitably, consistently.

We are the single largest pure-play credit card issuer, which gives us a lot of focus in this area. We have very strong co-brand partnerships to grow.

Number three, we have a strong banca partnership as well with SBI, which gives us another very big opportunity to continue to grow the credit card portfolio. One thing which we continue to do is that we will continue to evaluate, assess, take action basis what we are seeing in the market, what we are seeing in the portfolio, and we are very confident that we will continue to give sustainable results going forward as well.

Okay. My second question is regards to finance.

Given the recent moderation in asset quality metrics and continued investments in customer acquisition and rewards, how are you thinking about margin sustainability and credit cost normalization over the coming quarters? Additionally, what guiding principles are shaping capital allocation and risk management as the business navigates a changing consumption and interest rate environment?

Thank you.

I think my first question should have answered your next question. The thing is that, yes, as regards competition, sustainable growth, improving, I would say that we keep on looking at our portfolio.

Wherever we see merit, wherever we see opportunity, value for the company, we will continue to invest there. You're right, moderation in asset quality metrics is happening, but we would like to see it improve further, and this is something that we will continue to work on as well going forward.

Thank you, and best of luck for the next quarter.

Thank you so much.

Thank you, Sagar. I would like to extend my sincere thanks to our shareholders, customers, partners, employees, and to everyone who has joined us today for their continued trust, support, and confidence in our company.

With that, thank you once again for your time and participation. Have a good evening.