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ICICI Direct Report
The banking sector has outperformed against the overall market (the Bank Nifty registered a fall of 1.6% whereas the Nifty fell 3.7% in the past three months) as the earnings outlook has improved due to expected lower credit cost, improved asset quality and better topline growth.
Challenges pertaining to the pandemic are behind us. Thus, we expect normalisation of business activities to be seen in credit offtake as well as collection efficiency ahead.
Taking over the baton from the previous quarter, bank credit growth has picked up pace, further led by the retail and micro, small and medium enterprises segments.
The corporate segment is showing green shoots of revival as working capital limits are getting utilised.
Bank credit growth is expected to pick up further as the impact of pandemic led disruptions recede, demand improves further, Emergency Credit Line Guarantee Scheme gets extended, etc.
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