Total advances of the bank rose by 15.8 per cent to Rs 16.15 lakh crore in first quarter
In FY21, the government announced the Emergency Credit Linked Guarantee Scheme, which succeeded in shielding micro, small and medium enterprises from financial distress.
Das said in absolute terms, the credit expansion for the year to December 2 had come at Rs 19 lakh crore, while the deposit growth was Rs 17.5 lakh crore, which makes it clear that there is no “big gap” in the number
The bank is targeting a 20 per cent growth in overall advances in FY24, which will be aided by a 22 per cent growth to be achieved from the retail advances
In the third quarter of the current financial year, he said, the bank has witnessed a credit growth of 17 per cent to Rs 78,049 crore
The agency expects asset quality to improve to a decadal best of 4 per cent from a gross non-performing assets (NPAs) perspective by the end of FY24
The credit quality of retail assets remained resilient, and the total credit growth of banks increased by just over 15 per cent, while bank credit to NBFCs grew by more than twice that rate
The growth came despite a 0.21 per cent increase in the weighted average lending rate on the outstanding loans, it said, adding that this was the first quarter of a hike after ten successive quarters of a decline
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