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Motilal Oswal Report
Systemic loan growth moderated to 5.3% YoY for the fortnight ended September 11, 2020.
The outstanding credit base has now reached Rs 102.2 trillion. Retail credit growth moderated to 10.6% YoY (2.8% QoQ improvement) versus 17% YoY in January 2020.
Among retail segments, housing loan growth moderated to 11% YoY (versus 17% YoY in January 20) while vehicle loan growth moderated to approximately 8% YoY and credit cards grew 13% QoQ (7% YoY growth).
Industry growth remained muted while that in the Services segment moderated to approximately 8.6% YoY. Agri growth too remained subdued at 5% YoY.
According to our latest discussion with banks, momentum in retail growth is picking up with some segments like tractors, two-wheelers, gold disbursements and affordable housing seeing the fastest improvement.
Corporate growth, however, remains tepid with disbursements only toward working capital loans and capex financing remaining weak.
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