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IDBI Capital Report
Banking sector credit (YoY) moderated during May 2023 and stood at 15.6% (versus 16.1% in April 2023). However, continued to remain strong as compared to May 2022 levels (at 15.6% in May 2023 versus 12.7% in May-22).
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Credit growth moderation was witnessed across all the major segments such as Industry/agriculture/services/retail. Among retail credit, consumer durable credit growth continued to remain under pressure.
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On similar trend, advances growth to non banking financial companies too remained under pressure during May-23. Led by increased deposit rates, deposit growth saw uptick of 91 basis points on fortnight basis and stood at 11.8% (June 02, 23) versus 10.9% (May 15, 2023).
Going forward, we expect credit growth to remain in the range of 12-14% (higher base impact) and would be led by strong growth in retail loan. Among our banking coverage universe, our top picks are HDFC Bank Ltd., ICICI Bank Ltd. and City Union Bank Ltd.
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