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Systematix Research Report
Bank credit growth momentum improved to 20.3% YoY (16.5% YoY ex-merger) with nonfood credit growth of 20.4% YoY (16.6% yoy ex-merger).
Growth momentum remained strong across both services (20.7% YoY ex-merger) and retail (18.4% YoY, ex-merger). Three key trends were:
adjusting for a high base, other personal loan growth remained strong at 21% YoY ex-merger versus 22% YoY in September/October/ November 2023. Lending to non-banking financial companies moderated to 15-16% YoY in last two months versus 22-25% growth prior to that.
Strength in housing loans across both PSL housing (7% YoY ex-merger versus 5% YoY growth in Nov/Dec-23) and non-PSL housing (21% YoY ex-merger versus 19-20% growth in Nov/Dec-23).
Industrial and large corporate credit retained the YoY trend at 8% and 6% YoY respectively.
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