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KRChoksey Report
Banking sector overview - The key indicators of growth have seen improvements but are not broad based.
The banks share of incremental participation in investments in G-Sec and bonds is higher than credit outlay supported by targeted lending as risk aversion remained high.
The pressure on net interest margins is likely to ease as liquidity eases and credit offtake is more pronounced.
We expect the banks to focus on restructuring in Q2 and most part of Q3, but the credit costs are likely to remain front ended and elevated.
Non-Banking Financial sector overview - The sector has not recovered, like a few banks, on account of likely hit to its bottom line, coupled with lower business activity.
We believe this gap is likely to sustain as banks are likely to gain market share from NBFCs such as Bajaj Finance Ltd. amid weak economy.
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