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ICICI Securities Report
Banks' sectoral credit deployment data for Nov 2022 suggests modest 0.2% month-on-month growth non-food credit to Rs 128.96 trillion, up 8.9% year-to-date/16.4% YoY.
YoY trend across verticals: 21.3% in services, 19.7% in retail credit, 13.8% in agri portfolio and 13.1% in industry. Key trends include:
retail credit continues its momentum registering 0.8% month-on-month accretion, up 19.7% YoY and 12.4% year-to-date.
Housing loans were up 1.0% month-on-month and 9.5% year-to-date, registering pick up on YoY basis to 16.2%.
Vehicle loan portfolio was up 1.5% month-on-month, though lower than its average month-on-month growth of 2.0% for the first seven months of FY23,
on YTD basis, lending to non-banking financial companies was up 19.2% despite 2.9% month-on-month decline.
Among NBFCs, loans to private finance initiatives were up 87.9% YoY, 5.7% month-on-month and 29.9% year-to-date while loans to housing finance companies were up 16.1% YoY, 0.7% month-on-month and 9.1% year-to-date.
Credit card portfolio was up 25.0% YoY, 17.3% year-to-date despite being down 3.2% month-on-month,
Industry YoY credit growth in double digit for sixth consecutive quarter.
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