Sparse matrix codes can be and often are much faster than their CPU counterparts. At least for the most common kernels
Everything is on the device during the tight loop, and there is minimal transfer to host, so I don't think it's bandwidth limited in that sense. It could be bandwidth limited on the cache level but I couldn't tell. I wish I could get Compute running.
Only when that does not already cover all your needs you have to find or develop other software for handling sparse matrices on GPUs.