SBI Cards & Payment Services Ltd (often referred to as “SBI Card”) has established itself as a major force in India’s credit-card industry.

Born out of a collaboration between State Bank of India and GE Capital (and now primarily backed by SBI), it is India’s largest pure-play credit-card issuer. In the fiscal year ended March 2025 (FY25), SBI Card achieved a cards-in-force base of approximately 2.08 crore cards, up about 10% year-on-year, reflecting strong acquisition momentum. Retail cardholder spends reached ₹3,08,779 crore, growing roughly 18% versus the prior year, while total receivables rose around 10% to ₹55,840 crore. However, while the top line exhibited strength, profitability came under pressure: the company reported a Profit After Tax (PAT) of ₹1,916 crore for FY25, down about 20% from the prior year. Asset-quality headwinds were evident, with gross non-performing asset (GNPA) ratio around 3.08% and credit costs jumping substantially (impairment losses rose ~48% year-on-year) in the same period. On the strategic front, SBI Card is actively pursuing digital adoption (with over 60% of spends now happening online), expanding its co-branded card portfolios and tightening underwriting standards to contain risk in the unsecured lending environment. The management has also flagged that while growth will continue, a key focus will be on quality of the portfolio and cost discipline, given the challenging credit-cycle backdrop. In summary: SBI Card offers a compelling tale of scale and opportunity — with market-leading reach in India’s credit-card ecosystem, strong growth in card issuance and spends — but it also faces near-term execution risks around asset quality, cost pressures and margin squeeze. For someone watching India’s fintech/consumer-credit space, it is a company worth monitoring for how it rides the next wave of digital payments and credit-card adoption.