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ICICI Securities Report
Bank credit sectoral deployment data for February 2021 suggests sustained month-on-month uptick in non-food credit of 0.9% (after 2.2% accretion during April-January).
This is now settling at 3.1% year-to-date/6.5% YoY growth to Rs 94.9 trillion.
Year-to-date trend suggests FY21 credit growth will settle upwards of 5% (considering ~2-3% accretion is witnessed in March, historically).
Key trends include -
1. Industry credit is still lagging with year-to-date decline of 4.1% (down 0.2% YoY). Besides private corporates, government non-financial entities and local/quasi government entities have exhibited run-down in credit (during April-December 2020).
2. Service segment credit (led by lending to NBFCs and financial services) is now gathering pace - up 2.5% YTD/9.3% YoY.
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