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Axis Securities Report
For our coverage universe banks that have reported their provisional numbers thus far, have seen encouraging trends in deposit mobilisation, while credit growth has decelerated slightly, thereby leading to LDR improvement across most banks.
Within provisional deposit numbers, current account and savings account growth has shown improvement in QoQ. While managements have been optimistic about demand-led growth continuing in FY25; we believe our under coverage bank could see a downward revision in their credit growth estimates for FY25 driven by banks’ attempt to maintain a balanced LDR, moderating credit in the unsecured segment and slower corporate credit pick-up.
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