July Bank Credit - Vehicle, Credit Card, Personal Loan, Mid-Corporate Segments Drive Growth: ICICI Securities
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ICICI Securities Report
Bank credit sectoral deployment data for July 2021 suggests credit growth, which gained momentum post Covid-19 second wave in June 2021, is showing further signs of improvement in pockets.
Overall, credit growth is now down 0.6% year-to-date at Rs 96.0 trillion (up 0.6% month-on-month and 5.8% YoY).
Key trends include:
agri and retail credit were the main drivers of non-food credit growth that was up 12.4% and 11.2%, YoY, respectively.
vehicle loans momentum was upbeat in July with 12% month-on-month growth. With festive season setting in, robust traction should continue.
personal loans also saw strong momentum with 16% YoY growth.
credit card portfolio jumped 8.3% month-on-month/10% YoY as relaxation of restrictions resulted in higher consumer spending.
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