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Nirmal Bang Report
Schedule Commercial Banks' non-food credit growth in February 2023 continued to remain healthy at 15.9% YoY (0.9% month-on-month, 13.3% year-to-date-FY23) and came in at Rs 134 trillion. Credit growth on YoY basis was largely led by all the segments, with agri / industrial / services /retail reporting growth of 14.9%/7%/20.7%/20.4% YoY. Key trends that have emerged for Feb-23 are as follows:
On an incremental basis, Feb-23 credit growth picked up marginally and March generally being a strong month, credit growth for FY23 is likely to be upwards of 16%.
The Industrial segment's credit growth continued to moderate with modest growth across large, small and medium enterprises.
Lending to the non-banking financial company segment continued to remain healthy and registered an uptick on an incremental basis after dipping in the negative territory in Jan-23.
Within the retail segment, growth was sustained by high-yielding unsecured loans as well as housing and vehicle finance.
On an incremental basis, non-food credit (calculated) was positive for 18th consecutive month in Feb-23. Moreover, credit growth momentum picked up and expanded by Rs 1.2 trillion (up by 0.9% month-on-month).
Credit expansion was seen across sectors. For YTDFY23, incremental non-food credit expansion was robust at Rs 14.6 trillion. Overall, for YTDFY23, contribution of agri/industrial/services/retail sectors stood at 13%/9%/35%/43%.
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