SBI Cards and Payment Services Limited — Q1FY27 earnings call summary

• Expect asset growth pickup in H2FY27; cost of funds stable at 6.6%, NIM at 10.8%
• Cost-to-income ratio guidance for FY27 is 56-58%
• Net NPA at 0.83%, lowest since Q3FY23; gross credit cost improved 301 bps y-y to 6.5%
• Q1FY27 PAT grew 20% y-y to INR664 Cr; total revenue INR5,205 Cr +3% y-y
• Cards in force grew 7% y-y to 22.6 million; spends grew 27% y-y to INR1.18 tn
• ROA at 3.9%, ROE at 16.5%; capital adequacy ratio strong at 25.6%
• Focus on premium digital customer acquisition, Tier 2/3 expansion, and product innovation
• EMI portfolio growing; no current personal loan product but under evaluation

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