Shareholders of SBI Cards approved all four ordinary resolutions at its 28th Annual General Meeting held on August 31, 2026. The key outcomes included the confirmation of an interim dividend for FY26 and the ratification of material related-party transactions with State Bank of India.

The meeting was conducted through Video Conferencing or Other Audio Visual Means. A total of 734,771 shareholders were on record as of the cut-off date, August 24, 2026. The voting process was scrutinized by CS Vineet K Chaudhary of VKC & Associates, who confirmed that all resolutions were passed with the requisite majority under Regulation 44(3) of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Voting Results Overview

The promoter group, which holds 655,284,311 shares, cast votes in favor of all resolutions except the related-party transaction with State Bank of India, where they abstained as required by regulation. Public institutional investors also voted unanimously in favor of all items. Retail participation remained minimal but supportive.

Key Resolutions Passed

Adoption of Financial Statements

Shareholders considered and adopted the audited financial statements for the financial year ended March 31, 2026. This included the reports of the Board of Directors and Auditors, along with comments from the Comptroller and Auditor General of India (CAG). No promoters were interested in this resolution.

Auditor Remuneration

The Board was authorized to fix the remuneration or fees of the Statutory Auditors for FY27. These auditors are appointed by the CAG. The resolution received unanimous support from voting shareholders.

Interim Dividend

The meeting confirmed the payment of an interim dividend of ₹2.50 per equity share of face value ₹10 each for FY26. This represents a dividend payout of 25%. The Board had previously declared this amount, and shareholders ratified it during the AGM.

Related-Party Transactions

The final resolution involved the approval of material related-party transactions with State Bank of India. As per regulatory norms, the promoter group abstained from voting on this item. The resolution was passed by public shareholders, with public institutions casting 237,955,925 votes in favor. Public non-institutional shareholders voted 23,604 in favor and 2,133 against.

What the Numbers Show

The voting data highlights a distinct divergence in engagement between institutional and retail shareholders. While the promoter group and public institutions showed near-total alignment with management proposals (100% approval rates), public non-institutional shareholders exhibited slightly higher dissent. Approximately 8% of votes cast by non-institutional public shareholders were against the resolutions, particularly regarding the auditor remuneration and related-party transactions. However, given their small shareholding base (37,051,393 shares), this dissent did not impact the passage of any resolutions.

SBI Cards shareholders approved the company’s financial results for FY26 and confirmed an interim dividend of ₹2.50 per share during its 28th annual general meeting held on August 31, 2026.

The meeting, conducted via video conferencing, also saw the adoption of audited financial statements for the year ended March 31, 2026, along with reports from the Board of Directors and statutory auditors. Members authorized the board to fix remuneration for statutory auditors appointed by the Comptroller and Auditor General of India (CAG) for FY27.

Financial Performance

The company reported a 13% year-on-year increase in net profit to ₹2,167 crore from ₹1,916 crore in FY25. Total income grew 11% to ₹20,708 crore, up from ₹18,637 crore. Earnings before credit costs (EBCC) rose 6% to ₹7,876 crore.

Business volumes expanded significantly, with total spends jumping 29% to ₹430,359 crore from ₹333,480 crore. New accounts added during the period stood at 4,092K, compared to 3,590K in the prior year. Receivables increased marginally by 2% to ₹56,926 crore.

Asset Quality and Returns

Asset quality improved notably, with gross non-performing assets (GNPA) declining by 67 bps to 2.41% from 3.08%. Gross credit loss (GCL) percentage dropped by 34 bps to 8.6%, while expected credit loss (ECL) percentage fell by 39 bps to 3.0%.

Return on average assets (ROAA) improved by 11 bps to 3.2%. Return on average equity (ROAE) remained stable at 14.6%. Basic earnings per share (EPS) grew 13% to ₹22.77 from ₹20.15.

Corporate Governance and ESG

Shareholders approved material related-party transactions with State Bank of India. The company highlighted progress on environmental goals, achieving a 58% reduction in Scope 2 emissions against a target of 50% by FY27. Welcome kit digitization reached 90%, surpassing the 85% target.

ESG ratings showed improvement across multiple agencies. The Sustainalytics risk score improved by 2.1 points to 14.4. DJSI rating jumped by 11 points to 45, placing the company in the top 14% of the diversified financial sector.