Interim report
Page 1
The BSE Limited Corporate Relationship Department Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001 SCRIP CODE: 543066 SECURITY: Equity Shares/Debentures Dear Sirs, The National Stock Exchange of India Limited Exchange Plaza, C-1, Block G, Bandra-Kurla Complex. Bandra (E), Mumbai - 400 051 SYMBOL: SBICARD SECURITY: Equity Shares Re: Outcome of Board Meeting held on January 28, 2026 - Unaudited Financial Results of the Company for the quarter and the nine months ended December 31, 2025 In continuation of our letter dated January 20, 2026, intimating about the Board Meeting to be held on January 28, 2026, we wish to inform you that the Board of Directors of the Company, at its meeting held today, has inter alia, approved the Unaudited Financial Results for the quarter and the nine months ended December 31, 2025. In this connection, we enclose herewith the following:- 1. Unaudited Financial Results of the Company for the quarter and the nine months ended December 31, 2025 along with the disclosures in accordance with Regulation 52(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. 11. Limited Review Reports of the Joint Statutory Auditors on the Financial Results of the Company for the quarter and the nine months ended December 31, 2025, issued by the Statutory Auditors M/s. V.K. Dhingra & Co., Chartered Accountants and M/s. S.P. Chopra & Co., Chartered Accountants as required under Regulation 33 and Regulation 52 read with Regulation 63(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Results have been uploaded on the Stock Exchange websites at www.bseindia.com and www.nseindia.com and are also being simultaneously posted on the website of the Company at www.sbicard.com. The Meeting of the Board of Directors commenced at 4.30 P.M. and concluded at 06:35 P.M. Kindly take the same on record. Thanking you, Yours faithfully, �:.�a � s and Pay Limited P�al Chhabra Chief Compliance Offi -�·-_:....•r;--- Secretary SBI Cards and Payment Services Ltd. DLF Infinity Towers, Tower C, 12th Floor, Block 2, Building 3, DLF Cyber City, Gurugram - 122002, Haryana, India Tel.: 18001801290 Email: customercare@sbicard.com Website: sbicard.com Regi_stered Office: Unit 401 & 402, 4th Floor, Aggarwal Millennium Tower, E 1,2,3, Netaji Subhash Place, Wazirpur, New Delhi - 110034 CIN - L65999DL 1998PLC093849
Page 2
SBI Cards and Payment Services Limited Regd Office: Unit 401 & 402, 4th Floor, Aggarwal Miflennium Tower, E 1,2,3, Netaji Subhash Place, Wazirpur, New Oethi - 110034, Tel: 0124 -4589803 CiIN:L65998DL 1998PLC093848, Email: invest jons@: com, Website: www .sbicard.com of di results for the quarter and nine months ended December 31, 2025 as per 33and 52 read with 1] 83{2) of the rities and Board of India {Listing O and Discl 2015, as ded {Figure in Crores, uniess atharwisa stated 1 Revenue from operations {i} Interest income 2,536.38 2,489.86 2,399.10 7.519.38 6,932.14 9,347.31 (ii) Fees and commission income 2,366.70 2,265.41 2,024.88 6,823.26 5,910.09 8,002.89 (iti) Sale of services 20.52 20.45 32.85 66.96 99.32 126.46 (iv) Busi Pp 201.69 185.23 161.09 553.50 454.27 592.34 (v) Insurance commission income 1.97 0.03 0.76 2.05 2.42 3.22 Total revenue from operations 5,127.26 4,960.98 4,618.69 14,965.15 13,398.24 18,072.22 2 Other income 226.16 175.50 147.87 555,44 406.54 564.93 3 Total income (142) 5,353.42 5,136.48 4,766.56 15,520.59 13,804.78 18,637.15 4 Expenses (i) Finance costs 785.07 760.07 828.64 2,357.96 2,383.15 3,178.40 (ii) Fees and commission expenses 346.65 269.28 143.59 803.43 438.04 633.24 (iil) Imp: on ial i 1.222.168 1,292.72 1,313.14 3,865.58 3,625.80 4,871.51 (iv) Employee benefits 184.35 157.62 152.28 503.40 435.31 589,56 (v) Depreciation, amortisation and impairment 33.88 35.01 48.76 103.93 148.50 146.82 (vi) Operating and other exp 2,032.20 2,022.01 1,762.52 5,789.02 4,911.97 6,636.94 Total expenses 4,604.31 4,536.71 4,248.93 13,423.32 11,942.77 16,056.47 5 Prafit before tax for the periodfyear (3-4) 749.11 599.77 517.63 2,097.27 1,862.01 2,580.68 6 Tax expense: Current tax charge / (credit) 216.23 177.98 116.37 604.57 544.04 709.15 Earlier year tax charge / (credit) (23.92) - 44.10 (23.92) 44.10 44.10 Deferred tax charge / (credit) 0.16 (22.98) (26.07) (40.78) (108.23) (88.98) Total tax expenses 192.47 155.00 134.40 539.87 479.91 664.27 7 Profit after tax for the periodiyear (5-6) 556.64 444.77 383.23 1,557.40 1,382.10 1,916.41 8 Other comprehensive Income Items that will not be reclassified to profit or loss -R of the defined benefit liabilities / (asset) 2.11 2.21 146 1.30 (0.54) (0.66) - Tax impact on above (0.52) (0.56) (0.36) (0.33) 0.14 0.17 - Gain/{loss) on equityi t through OCH - - ” - 3.88 - Tax impact on above - - - - - (0.98) Other comprehensive income 1.59 1.65 1.10 0.97 {0.40} 2.41 8 Total comprehensive income for the period/year (748) 558.23 446.42 384.33 1,558.37 1,381.70 1,918.82 10 Paid up equity share capital (i) Equity share capital 951.58 951.55 951.35 951.58 951.35 951.36] {ii) Other equity 12,830.36] 11 Earnings per share{Face value of 10/- each) (not annualised): (i) Basic (3) 5.85 4.67 4.03 16.37 14.53 20.15 (ii) Diluted (2) 5.85 4.67 4.03 16.36 14.53 20.14 3 SBt Cards and Payment Services Limited I Regd Office: Unit401 & 402, 4th Floor, Aggarwal Millennium Tower , E 1,2,3, Netaji Subhash Place, Wazirpur, New Delhi• 110034, Tel: 0124 -4589803 CIN:L65999DL 1998PLC093849 , Email: invesl0< relaijons@sbicard.com, Website: www.sbicard.com StatemMt of unaudltedflnanclal res.ults for the quart.,- and nine months ended December 31, 2025 as per Regulation ll and Regulatlon 52 read wfth Regulation ISJ(2) of the Securities and Exchange I Board of India (Listing ~bRgatfons and Disclosure Requlrffl'lents) Regulations, 2015, as amended. ' - ·- -(Figure in t Cl'nl'es, unless otherwtse stated Quarter ended Nine months ended Year ended Particulars December 31, September 30, December 31, December 31, December 31, March 31, 2025 2025 2025 2024 2025 2024 (Audited) (Unaudited) (Unaudited) (Unaudited) (Unaudltad) (Unaudited) 1 Revenue from operations (i) Interest income 2,536 .38 2.489.86 2,399.10 7.519.38 6,932 .14 9,347.31 (ii) Fees and commission income 2,366 .70 2,265.41 2,024.89 6,823.26 5,910.09 8,002.89 (iii) Sale of services 20.52 20.45 32.85 66.96 99.32 126.46 (iv) Business development incentive income 201.69 185.23 161.09 553.50 454.27 592.34 (v) Insurance commission income 1.97 0.03 0.76 2.05 2.42 3.22 Total revenue from operations 5,127.26 4,960.98 4,618.69 14,965.15 13,398.24 18,072.22 2 Other income 226 .16 175.50 147.87 555,44 406.54 564.93 3 Total Income (1+2) 5,353.42 5,136,48 4,766.56 15,520.59 13,804.78 18,637.1~ -4 Expenses ; (i) Finance costs 785.07 760.07 828 .64 2.357 .96 2,383 .15 J,11 s .4o I (ii) Fees and commission expenses 346 .65 269.28 143.59 803 .43 438.04 633.24 , (iii} Impairment on financial instruments 1,222 .16 1,292.72 1,313.14 3,865.58 3,625 .80 4,67 1.51 (iv) Empk)yee benefits expenses 184.35 157.62 152.28 503.40 435 .31 589,56 (v) Depreciation, amortisation and impairment 33 .88 35.01 48.76 103.93 146.50 146.82 (vi) Operating and other expenses 2,032 .20 2,022.01 1,762.52 5,789.02 4,911.97 6,636.94 Total expenses 4,604.31 4,536.71 4,248.93 13,423.32 11,942.77 16,056.47 5 Profit before tax for the period/year (3--4) 749.11 - - 599.77 517.63 2,097.27 1,862:01 .. -· 2,580.68 6 Tax expense: Current tax charAe I (credit) 216.23 177.98 116.37 604.57 544.04 709.15 Eartier year lax charge/ (credit) (23.92) 44.10 (23.92) 44.10 44.10 Deferred tax charge I (credit) 0.16 (22.98) (26.07! (40.78) (108.23) (88.98) T otaf tax expenses 192,47 155.00 134.40 539.87 479.91 664.274 7 Profit after lax for the period/year (5-61 - 556.64 444.77 383.23 1,557.40 1,382.10 1,916.41 8 Other comprehensive Income Items that will not be reclassified to profit or loss (0.66)! • RemeasuremenlS of tfle defined benelil liabiltties / (asset) 2.11 2.21 1.46 1.30 (0.54) - Tax impact on above (0.52) (0,56) (0.36) (0.33) 0.14 0.17 - Gain/(loss) on equity investment through OCI . . . 3.88 - Tax impact on ahove - (0.98) Other comprehensive income 1,59 1.65 1.10 0.97 !0,40! 2.41 9 Total comprehensive income for the period/year (7+8} 558.23 446.42 384.33 1,558.37 1,381,70 1,918.82 10 Paid up equity share capital (i) Equily share capilal 951.58 951.55 951 .35 951.58 951.35 951 .36 (ii) Olher equily 12,830.36 11 Earnings per share(Facevalue off 101- each) (not annualised) : (i) Basic(~) 5.85 4.67 4.03 16.37 14.53 20. 15 (ii) Diluled (f) 5.85 4.67 4.03 16.36 14.53 20. 14 -
Page 3
Notes: 1 10 12 13 14 SBI Cards and Payment Services Limited {the 'Company') is a Non-Banking Financial Company registered with the Reserve Bank of India (the ‘RBf’). The RBI, under the Scale Based Regulations has categorised the Company as Middle Layer (NBFC-ML) vide its circular dated November 28, 2025. The above unaudited financial results of the Company have been prepared in accordance with the Indian Accounting Standards (‘Ind AS’) prescribed under section 133 of the Companies Act, 2013 read with the Companies (Indian Accounting Standards) Rules, 2015, the other relevant provisions of the Companies Act, 2013, and the Master Directions/ Guidelines/Circulars issued by Reserve Bank of India (RBI) as applicable and rel to Non- 9 Financial Companies, as amended from time to time. The Company has consistently applied its material accounting policies in the preparation of its financial results for the quarter and nine months ended December 31, 2025. The above financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on January 28, 2026 and have been subjected to "Limited Review" by the joint statutory auditors of the Company in terms of Regulation 33 and Regulation 52 read with Regulation 63 (2) of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Regulations"), as amended including relevant circulars issued by SEBI from time to time. These financial results are available on the BSE Limited's website (www.bseindia.com), the National Stock Exchange of India Limited's website (www.nseindia.com) and on the Company’s website (www.sbicard.com), Management has exercised necessary due diligence to ensure that the said results provide a true and fair view of its affairs. During the quarter and nine months ended December 31, 2025, the Company has allotted 29,896 equity shares and 220,446 equity shares of ¥ 10/- each respectively, pursuant to exercise of options under the approved employee stock option scheme. Pursuant to the said aflotment, the issued, subscribed and paid-up equity capital of the Company stands inc d to ¥ 951.58 Crores as at December 31, 2025 (X 951.36 Crores as at March 31, 2025). The Company is primarily engaged in the business of credit cards with no overseas operations/ units, accordingly there are no separate reportable segments as per Ind AS 108 - Segment reporting. The Company's Gross NPA(stage 3 balance) and Net NPA(stage 3 balance) as at December 31, 2025 is 2.86% and 1.28% respectively (3.08% and 1.46% respectively as at March 31, 2025). Further as at December 31, 2025, Company holds provision for total expected credit loss of ¥ 1,989.09 Crares ( ¥ 1,905.68 Crores as at March 31, 2025) on loan balances. The impairment allowance under Ind AS 109 made by the Company exceeds the total provision required under IRAC (including provision on standard assets) as at December 31, 2025, accordingly, no amount is required to be transferred to impairment reserve in line with the requirement as per RBI notification no. RBI2019-20/170 DOR (NBFC) CC.PD.No. 109/22.10.106/2019-20 dated 13 March 2020 on Implementation of indian Accounting Standards, Non-Banking Financial Companies (NBFCs). Details of loans transferred/acquired during the quarter and nine months ended December 31, 2025 under the RBI Master Direction on Transfer of Loan exposures dated September 24, 2021 are given below: (i) The Company has not transferred or acquired any loan not in default. (ii) The Company has not transferred or acquired any stressed loan. (iii)The Company has not transferred any non-performing assets. (iv) The Company has not acquired any Special Mention Account. Information as required by Regulation 52(4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 is annexed in Annexure |. The Government of India, on November 21, 2025, has notified the Code on Wages, 2019, the Code on Social Security, 2020, the Industrial Relations Code, 2020 and the Occupational Safety, Heaith and Working Conditions Code 2020, collectively referred to as 'New Labour Codes’ consolidating 29 existing labour laws into a unified framework. The Ministry of Labour & Employment has published the draft Central Rules and FAQs on December 30, 2025, to facilitate assessment of the financial impact arising from these regulatory changes. As per Ind AS 19, changes to employee benefit plans arising from legislative amendments canstitute a plan amendment which requires recognition of past service costs in the Statement of Profit and Loss. The Company has assessed the financial implications of these ch and gnized the estimated i in provision for employee benefits for past services amaunting to Rs. 12 crores under Employee Benefit Expenses in the quarter and nine months ended December 31, 2025 primarily arising due to changes in definition of efigible wages. The accounting impact of the rules (to be notified) will be evaluatedand accounted for on notification. The RBI vide its circular RBIf2023-24/101C0O.DPSS.POLC.N0.S940/02-29-005/2023-24 dated 29th December, 2023 has mandated contribution towards PIDF fund till December, 2025. Based on regulatory confirmation on non-collectability of the contribution for the period July 24 to June 25, the corresponding liability of PIDF amounting to Rs. 70.32 crores has been reversed. Based an the expected business growth, periodic review of ECL model and to reduce volatility in periodic impairment costs, the Company is carrying an impairment provision amounting to Rs. 121.43 crores overand above the impairment provision as per approved ECL model as of December 31, 2025. it venture Company(ies), as at D ber 31, 2025. Accordingly, the Company is not required toiter finiThe Company does not have any subsidiary/assc prepare consolidated financial results. Previous period'sfyear’s figures have been regrouped/reclassified wherever necessary to correspond with the current period’s/year's classification/disclosure. on behalf 5f the Board of Directors N . Salila P: Place: Mumbai Managing Director & CEO Date: January 28, 2026 DIN: 10941529 Notes: SBI Cards and Payment Services Limited (the 'Company') is a Non-Banking Financial Company registered with the Reserve Bank of India (the 'RBI'). The RBI, under the Scale Based Regulations has categorised the Company as Middle Layer (NBFC-ML) vide its circular dated November 28, 2025. 2 The above unaudited financial results of the Company have been prepared In accordance with the Indian Accounting Standards ('Ind AS') prescribed under section 133 of the Companies Act, 2013 read with the Companies (Indian Accounting Standards) Rules, 2015 , the other relevant provisions of the Companies Act, 2013, and the Master Directions/ Guidelines/Circulars issued by Reserve Bank of India (RBI) as applicable and relevant to Non-Banking Financial Companies, as amended from time to time. The Company has consistently applied its material accounting policies in the preparation of its financial results for the quaner and nine months ended December 31, 2025. 3 The above financial results have been reviewed by the Audit Committee and approved by the Board ot Directors at their respective meetings held on January 28. 2026 and have been subjected to "Limited Review' by the joint statutory auditors of the Company in terms of Regulation 33 and Regulation 52 read with Regulation 63 (2) of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations , 2015 ("SEBI Regulations"), as amended including relevant circulars issued by SEBI from time lo time. These financial results are available on the BSE Limited's website (www.bseindia.com). the National Stock Exchange of India Umited 's website (www.nseindia.com) and on the Company's website (www.sbicard.com) . 4 Management has exercised necessary due diNgence to ensure that the said resutts provide a true and fair view of its affairs. 5 During the quarter and nine months ended December 31 , 2025, the Company has allotted 29,896 equity shares and 220,446 equity shares of~ 10/- each respectively, pursuant to exercise of options under the approved employee stock option scheme . Pursuant to the said allotment, the issued, subscribed and paid-up equity capital of the Company stands increased to f 951 .58 Crores as at December 31, 2025 (' 951.36 Crores as at March 31 , 2025). 6 The Company is primarily engaged in the business of credit cards with no overseas operations/ units, accordingly there are no separate reportable segments as per Ind AS 108 - Segment reporting. 7 The Company's Gross NPA(stage 3 balance) and Net NPA(stage 3 balance) as at December 31, 2025 is 2.86% and 1.28% respectively (3.08% and 1.46% respectively as al March 31, 2025). Further as at December 31, 2025, Company holds provision for total expected credit loss oft 1,989.09 Crores ( t 1,905.68 Crores as at March 31, 2025) on loan balances. The impairment allowance under Ind AS 109 made by the Company exceeds the total provision required under IRAC (including provision on standard assets) as at December 31, 2025, accordingly, no amount is required to be transferred to impairment reserve in line With the requirement as per RBI notification no. RBV2019-20/170 DOR (NBFC) CC.PO.No. 109/22.10.106/2019-20 dated 13 March 2020 on tmplemenlation of Indian Accounting Standards, Non-Banking Financial Companies (NBFCs). 8 Details of loans transferred/acquired during the quarter and nine months ended December 31, 2025 under the RBI Master Direction on Transfer of Loan exposures dated September 24, 2021 are given below: (i) The Company has not transferred or acquired any loan not In default . (ii) The Company has not transferred or acquired any stressed loan. (lii)The Company has not transferred any non-performing assets. (iv) The Company has not acquired any Special Mention Account. 9 Information as required by Regulation 52(4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requiremenls) Regulations, 2015 is annexed in Annexure I. 10 The Government of India, on November 21, 2025, has notified the Code on W ages, 2019, the Code on Social Security, 2020, the Industrial Relations Code, 2020 and the Occupational Safety, Health and Working Conditions Code 2020, collectively referred to as 'New Labour Codes' consolidating 29 existing labour laws into a unified framework. The Ministry of labour & Employment has pubushed the draft Central Rules and FAQs on December 30, 2025, lo facilitate assessment of the financial impact arising from these regulatory changes. As per Ind AS 19, changes to employee benefit plans arising from legislative amendments constitute a plan amendment which requires recognition of past service costs in the Statement of Profit and Loss. The Company has assessed the financial implications of these changes and recognized the estimated increase in provision for employee benefits for past services amounting to Rs. 12 crores under Employee Benefit Expenses in the quarter and nine months ended December 31, 2025 primarily arising due to changes in definition of eligible wages. The accounting impact of the rules (to be notified) will be evaluated and accounted for on notification. 11 The RBI vide its circular RBl/2023-24/101CO.DPSS.POLC.No.S940/02-29-005/2023- 24 dated 29th December, 2023 has mandated ccntribution towards PIDF fund till December, 2025. Based on regulatory confirmation on non-collectabittty ot the contribution tor the period July 24 lo June 25, the corresponding liability of PIDF amounting to Rs. 70 .32 crores has been reversed. 12 Based on the expected business growth, periodic review of ECL model and to reduce volatiUty in periodic impairment costs, the Company is carrying an impairment provision amounting to Rs. 121.43 crores over and above the impaument provision as per approved ECL model as of December 31, 2025. 13 The Company does not have any subsidiary/associate~oint venture Company(ies), as at December 31, 2025. Accordingly, the Company is not required to prepare conso~dated financial results. 14 Previous period's/year's figures have been regrouped/reclassified wherever necessary to correspond with the current period's/year's classification/disclosure. Place: Mumbai Date: January 28, 2026 ~~he Board of Di~ectors SalilaP~ Managing Director & CEO DIN: 10941529
Page 4
+ Annexure-| * Information as per Regulation 52 (4) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requi ts) Regulations, 2015 for the quarter and nine months ended December 31, 2025 [Particulars - (s) Debit Equity Ratio” (Tote outstanding debtover Networth) 3.00 (b) Outstanding redeemable preference shares (quantity and value): Nil (c) Capital redemption reserve : 2 3.40 (Crores) (d) Net worth : Z 15,424.07 (Crores) (e) Net profit after tax : 3 556.64 (Crores)| 2 1,557.40 (Crores) (f) Earnings Per Share(Face value of 10/- each) (not annualised) : j Basic 25.85 216.37 Diluted 2585 216.36 (g) Total Debts to Total Assets : 0.69 (h) Net Profit Margin (%) (Profit after tax over Total income) : 10.40% 10.03% (i) Sector Specific Equivalent Ratios, as applicable: (i) Capital Adequacy Ratio : 24.36% (ii) Gross Non Performing Asset [Stage 3 asset] Ratio : 2.86% (iii) Net Non Performing Asset [Stage 3 asset] Ratio” : 1.28% (iv) Provision Coverage Ratio* : 56.06% (j) There was no deviation in the use of the proceeds of the issue of Non Convertible Debt Securities. * Rates as per the ECL model Note: The Company being a NBFC therefore, debt service cx ge ratio, i t service co ge ratio, Debenture redemption reserve, current ratio, long term debt to working capital, bad debt to account receivable ratio, current liability ratio, debtors turnover ratio, inventory turnover and operating margin percent are not applicable. Anne xure • I Information as per Regulation 52 (4) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the quarter and nine month s ended December 31, 2025 Quarter ended:! Nine months ended Particulars December 31, 2025 December 31, 2025 (a) Debt Equity Ratio (Total outstanding debt over Net worth) 3.00 (b) Outstanding redeemable preference shares (quantity and value): Nil (c) Capital redemption reserve : f 3.40 (Crores) (d) Net worth f 15,424.07 (Crores} (e) Net profit after tax : f 556.64 (Crores) I 1 1,557.40 (Crores} (f) Earnings Per Share(Face value of f 10/- each) (not annualised) : Basic f s.asl f 16.37 Diluted t s.ssl 1 16 36 (g) Total Debts to Total Assets : 0.69 (h) Net Profit Margin( %) (Profit after tax over Total Income) 10.40%1 1003% I (i) Sector Specific Equivalent Ratios, as applicable: (i) Capital Adequacy Ratio 24 36% (ii) Gross Non Performing Asset [Stage 3 asset] Ratio : 286% (iii} Net Non Performing Asset [Stage 3 asset] Ratio* : 1 28% (iv) Provision Coverage Ratio* 56.06% U) There was no deviation in the use of the proceeds of the issue of Non Convertible Debt Securities. • Rates as per the ECL model Note: The Company being a NBFC therefore, debt service coverage ratio, interest service coverage ratio, Debenture redemption reserve, current ratio, long term debt to working capital, bad debt to account receivable ratio, current liability ratio, debtors turnover ratio, inventory turnover and operating margin percent are not applicable.
Page 5
V. K. DHINGRA & CoO. S. P. CHOPRA & CoO. CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS 1E/15, Jhandewalan Extension F-31, Connaught Place New Delhi — 110 055 New Delhi - 110 001 Tel: 91-11-23528511 Tel: 91-11-23313495 www.spchopra.inwww.vkdco.com spc1949@spchopra.ininfo@vkdco.com Independent Auditors’ Review Report on Unaudited Financial Results of the SBI Cards and Payment Services Limited for the quarter and nine months ended December 31, 2025, pursuant to the Regulation 33 and Regulation 52 read with regulation 63(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended To The Board of Directors SBI Cards and Payment Services Limited i We have reviewed the accompanying Statement of Unaudited Financial Results (the ‘Statement’) of SBI Cards and Payment Services Limited (the ‘Company’) for the quarter and nine months ended December 31, 2025, being submitted by the Company pursuant to the requirements of Regulation 33 and Regulation 52 read with Regulation 63(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing Regulations”). 2. This Statement is the responsibility of the Company's Management and approved by the Board of Directors of the Company, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting’ (Ind AS 34), prescribed under section 133 of the Companies Act, 2013 ("the Act") read with relevant Rules issued thereunder, as applicable, and the circulars, guidelines and directions issued by Reserve Bank of India (RBI) from time to time, as applicable ("RBI guidelines") and other accounting principles generally accepted in India and in compliance with the presentation and disclosure requirement under Regulation 33 and Regulation 52 read with Regulation 63(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended and that it has been prepared in accordance with the relevant prudential norms issued by the RBI in respect of Income recognition, assets classification, provisioning and other related matters, to the extent those are not inconsistent with the Indian Accounting Standards prescribed under section 133 of the Act. Our responsibility is to issue a report on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”, issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review is limited primarily to inquiries of Company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion. Contd..p/2 V. K. DHINGRA 8c Co. CHARTERED ACCOUNTANTS 1 E/15, Jhandewalan Extension New Delhi - 110 055 Tel: 91-11-23528511 www.vkdco.com info@vkdco.com S. P. CHOPRA 8c Co. CHARTERED ACCOUNTANTS F-31, Connaught Place New Delhi -110 001 Tel: 91-11-23313495 www.spchopra .in spc1949@spchopra.i n Independent Auditors' Review Report on Una dited Financial Results of the S8I Cards and Payment Services Limited for the quarter and nine months ended December 31, 2025, pursuant to the Regulation 33 .and Regulation 52 read with regulation 63(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended To The Board of Directors 581 Cards and Payment Services Limited 1. We have reviewed the accompanying Statement of Unaudited Financial Results (the 'Statement') of SBI Cards and Payment Services Limited (the 'Company') for the quarter and nine months ended December 31 , 2025, being submitted by the Company pursuant to the requirements of Regulation 33 and Regulation 52 read with Regulation 63(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations , 2015, as amended ("Listing Regulations"). 2. This Statement is the responsibility of the Company's Management and approved by the Board of Directors of the Company, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 'Interim Financial Reporting' (Ind AS 34), prescribed under section 133 of the Companies Act, 2013 ("the Act") read with relevant Rules issued thereunder, as applicable , and the circulars, guidelines and directions issued by Reserve Bank of India (RBI) from time to time, as applicable ("RBI guidelines") and other accounting principles generally accepted in India and in compliance with the presentation and disclosure requirement under Regulation 33 and Regulation 52 read with Regulation 63(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 201 5, as amended and that it has been prepared in accordance with the relevant prudential norms issued by the RBI in respect of Income recognition, assets classification , provisioning and other related matters, to the extent those are not inconsistent with the Indian Accounting Standards prescribed under section 133 of the Act. Our responsibility is to issue a report on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute o f Chartered Accountants of India. This standard requires that we plan and perform the review t o obtain moderate assurance as to whether the Statement is free of material misstatement. A review is limited primarily to inquiries of Company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion . . - .. . . . Contd .. p/2
Page 6
V. K. Dhingra & Co., S. P. Chopra & Co,, Chartered Accountants Chartered Accountants 12 Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement of Unaudited Financial Results prepared in accordance with applicable accounting standards and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation 52 read with regulation 63(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement or that it has not been prepared in accordance with the relevant prudential norms issued by the Reserve Bank of India in respect of income recognition, asset classification, provisioning and other related matters to the extent those are not inconsistent with the Indian Accounting Standards prescribed under Section 133 of the Act. Emphasis of Matter (i) We draw attention to Note no.11 of the Statement regarding reversal of liability amounting to Rs. 70.32 crores towards contribution to PIDF fund for the reason as stated in the said note. (i) We also draw attention to Note no.12 of the Statement regarding non reversal of impairment provision amounting to Rs. 121.43 crores over and above the impairment provision as per the approved ECL model. Our conclusion on the Statement is not modified in respect of these matters. For V. K. Dhingra & Co. For S. P. Chopra & Co. Chartered Accountants Chartered Accountants Firm Regd. No. 000250N~- - Firm Regd. No. 000346N Vipul Girotra Ankur Goyal Place: New Delhi Partner Partner Date: January 28, 2026 Membership No. 084312 MembershipNo. 099143 UDIN: 26084312JBZRIM1259 UDIN: 26099143QKGEP02158 V. K. Dhingra & Co., Chart ered Accountants : 2 : S. P. Chopra & Co., Charte red Accountants 4. Based on our review conducted as above, n othing has come to our attention that causes us to believe that the accompanying Statement of Unaudited Financial Results prepared in accordance with applicable accounting standards and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation 52 read with regulation 63(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement or that it has not been prepared i n accordance with the relevant prudential norms issued by the Reserve Bank of India in respect of income recognition, asset classification, provisioning and other related matters to th e extent those are not inconsistent with the Indian Accounting Standards prescribed under Section 133 of the Act. 5. Emphasis of Matter (i) We draw attention to Note no.11 of the Statement regarding reversal of liability amounting to Rs. 70.32 crores towards contribution to PIDF fund for the reason as stated in the said note. (ii) We also draw attention to Note no.1 2 of the Statement regarding non reversal of impairment provision amounting to Rs. 121.43 crores over and above the impairment provision as per the approved EGL model. Our conclusion on the Statement is not modified in respect of these matters. Place: New Delhi Date: January 28, 2026 For V. K. Dhingra & Co. For 5. P. Chopra & Co. Chartered Accountants Chartered Accountants Firm Regd. No. 000250N - - · Firm Regd. No. 000346N Vipul Girotra Partner Membership No. 084312 UDIN: 26084312JBZRIM1259 Ankur Goyal Partner Membership No. 099143 UDIN: 26099143QKGEPO2158