SBI Cards and Payment Services Ltd, India’s second-largest credit card issuer, reported a 19% decline in net profit for the March quarter of FY25, registering Rs. 534 crore as elevated defaults weighed on earnings. While overall income rose to Rs. 4,832 crore during the period, the spike in non-performing assets led to a significant increase in impairment losses. For the full fiscal year, the company's net profit dropped by 20%, despite growth in interest income and an expanding balance sheet.