HDFC Securities: Banking Sector Credit Trends - Slowing, As Expected 

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HDFC Securities Report

Non-food credit growth slowed to 6% YoY, the slowest rate in the last three years. All segments saw lower YoY growth versus July.

We do not find this surprising as disbursals by banks are likely to have been muted while repayments have gradually improved.

We believe that a further reduction in non-food credit growth is inevitable.

Muted disbursal trends and an increase in repayment rates from current levels after the completion of the moratorium is likely to limit growth.

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