Mumbai, Nov. 18 -- The ratings factor in continued support from majority shareholder, State Bank of India (SBI), on ongoing basis as well as in the event of distress. Majority ownership and shared brand imply a strong moral obligation on SBI to continue supporting SBI Cards in meeting debt obligation in a timely manner.

The standalone credit risk profile of SBI Cards is supported by its steady market position. The company is the second-largest player in the credit card industry with 2.15 crore cards-in-force (CIF), and market share of 19.0% as on 30 September 2025.

As far as profitability is concerned, while it has remained above average, has witnessed moderation during fiscal 2025 owing to decline in net interest margins (NIM), fee inc...