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IDBI Capital Report
Banking sector (non-food) credit growth boosted by HDFC twin's amalgamation to 19.9% YoY (stood at 15% YoY excluding Housing Development Finance Corporation Ltd.) versus 16% (August 2022).
Driven by HDFC individual loans, retail portfolio grew by 31% YoY (stood at 18.3% excluding HDFC) while services segment grew by 24.7% YoY (at 20.7% excluding HDFC) and Industry grew by 6.7% YoY (at 6.1% excluding HDFC).
Credit to non-banking financial companies (up 20.9% YoY) as well as other personal (up by 28.1% YoY) witnessed a marginal dip in growth during August 2023.
Deposit growth, after remaining under pressure during FY23, witnessed strong growth traction and stood at 13.6% on September 08, 2023 (as compared to 9.6% on March 24, 2023).
Going forward, we expect credit growth to remain in the range of 14-15% 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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