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ICICI Securities Report
Bank credit sectoral deployment data for February 2022 suggests month-on-month uptick across key verticals – namely 4.0% month-on-month growth in retail credit, 2.9% in industry credit and 2.1% in services portfolio.
Overall, non-food credit stood at Rs 115.6 trillion, up 8.0% YoY / 6.2% year-to-date / 0.5% month-on-month, suggesting credit growth could be more than 9% for FY22E versus 5.5% for FY21.
Key trends include:
Industry credit is sustaining momentum with 2.9% month-on-month and 6.5% YoY growth. Encouragingly, none of the industry subsegments saw contraction in net credit flow month-on-month in February 2022.
Tourism, hotels and restaurants saw 18.6% month-on-month / 12.5% YoY uptick, reflecting credit support to stress sectors flowing from the banks.
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