Sectoral Deployment of Credit

Sectoral deployment of credit
Marginal uptick in credit growth; underlying growth still fragile
Your success is our success
September 2, 2013
Marginal uptick in credit growth; underlying growth, however still fragile
Aalok Shah
aalok.shah@emkayglobal.com
+91 22 6612 1336
The Reserve Bank of Indias (RBI) sectoral deployment of credit for July 2013 saw a
marginal improvement in non-food credit growth to 14.8% yoy compared with 13.4% in
June 2013. However, on a yoy basis, the growth continues to remain lower vis -a-vis
16.6% in July 2012. July13, non-food credit growth was predominantly in the nature of
personal loans (+17% yoy) and industries (+15.9% yoy).
Kashyap Jhaveri
kashyap.jhaveri@emkayglobal.com
+91-22-66121249
Pradeep Agrawal
pradeep.agrawal@emkayglobal.com
+91-22-66121340
Sandeep Jain
Sandeep.jain@emkayglobal.com
+91-22-66121241
We continue to maintain the view that the RBIs tightening measures, especially at the
shorter end of the curve, and muted investment activities would restrict the credit growth to
12-13% yoy levels for FY14. In our note, Banks Deleveraging Paying for the Past
Excesses of June 14, 2013, we had highlighted that the banking system as a whole was
working on fairly high leverage. We expect the de-leveraging process to be underway in
the next 2 years, with a reduction of 180-200bps in credit-deposit ratio (CDR) every year.
Segment-wise :
Retail loans driven by housing / vehicle loans: With weak corporate credit
demand, banks have increasingly resorted to retail loans, given the secured nature of
lending. As a result, retail loan segment have grown 4.6% YTD as against 1.5-2.2%
YTD growth in segments of agri, industries and services space. Within the retail loan
segment, growth continues to be dominated by housing (+6.7% YTD) and vehicle
(+5.1% YTD) loans. However, in addition to the ALM mismatch issue, recent
incidences of property price corrections, coupled with the rise in retail NPAs, may
entail managements to re-draw their growth strategies towards the mortgage space.
Industrial sector: Our interactions suggest that the uptick in bank credit to the
industrial sector is largely due to sharp surge in money market rates, especially on the
shorter yield curve (3-month CP / 6-month CP / 12-month CP well in excess of 75125bps over bank base rate). However, the underlying growth remains weak and is
reflective of the fact that 50% of industries (15 out of 31 industries, ex-power and
road), with a 42% share saw growth less than last year. Power and road segments
continue to attract higher flows. Cumulatively, these sectors witnessed credit flows
YTD of Rs526bn, or 44% of overall incremental non-food credit, 1.1x of total industrial
credit. Core industrial sectors such as infrastructure, metals, textiles and all
engineering cumulatively accounted for 62.3% of total industrial credit, and have
reported a higher 18.9% yoy growth in credit in July 2013 vis--vis 18.1% yoy for July
12. Credit to the MSME segment, albeit lower at 12.7% yoy, has improved 3.3% YTD.
Sops from the government viz differential tax regime, higher interest subsidy and
enhanced budgetary support, would help small and medium -sized companies.
Agricultural credit grew 2.2% YTD: A favorable monsoon, higher budgetary
allocations, increase in procurement prices for paddy and elections in key states,
including central elections, would ensure steady credit growth for FY14.
Services sector: As highlighted in our previous note, RBIs liquidity tightening
measures in July13 have exerted pressure on money markets rates and in-turn
towards service sector space and segments of NBFC, CRE in particular. Credit to
CRE, NBFC and other services have slowed to 8.6% yoy vs 24% yoy in the
corresponding period of the previous year. Credit to NBFC space grew 5.4% yoy
Outlook
We continue to believe that demand and supply constraints and the precarious capital
position would restrict balance-sheet growth, particularly for PSU banks. RBI measures
towards liquidity tightening will hurt banks that have a short tenure deposit profile /
negative dollar gap, particularly PSU banks and select new private banks. While private
banks have raised their short term deposit rates and also lending rates, PSU banks have
refrained from raising their lending rates. This will have an impact on their margins.
Note: Sources for all tables RBI, Emkay Research # denotes fortnight-over-fortnight
Emkay Global Financial Services Ltd.
Sector Update
Emkay
Sector Update
Exhibit 1: Trend in % of industrial sectors reporting growth less than the last year
100
%
80
60
40
41.2%
20
Jun-13
Mar-13
Dec-12
Sep-12
Jun-12
Mar-12
Dec-11
Sep-11
Jun-11
Mar-11
Dec-10
Sep-10
Jun-10
Source: RBI, Emkay Research
Exhibit 2: Trend in loan growth % yoy

30.0
Loan growth
25.0
20.0
15.0
10.0
5.0
April
May
FY09
June July
FY10
August Sept
Oct
FY11
FY12
Nov
Dec
Jan
Feb
FY13
FY14 till date
Mar
Nov
Dec
Jan
Feb
FY13
FY14 till date
Mar
Exhibit 3: Trend in deposit growth % yoy

30.0
Deposit growth
25.0
20.0
15.0
10.0
5.0
April
May
FY09
June July
FY10
August Sept
Oct
FY11
FY12
Exhibit 4: Industrial credit growth led by Power and road sector

40
Exhibit 5: Housing loans grew 18% yoy vs 14.8% growth in non-food

%
25
30
20
20
15
10
10
0
Jul-11
5
Jan-12
Non-food Credit
Jul-12
Jan-13
Jul-13
Industry
- Power
- Road
Emkay Research
September 2, 2013
Jul-11
Jan-12
Non-food Credit
Jul-12
Personal Loans
Jan-13
Jul-13
- Housing loan
Sector Update

Exhibit 6: Sectoral deployment of non-food credit (Rs bn)
Rs bn
Jul-13
Non-food Credit
49,894
Agri. & Allied Activities
6,027
Industry (MSME & large)
22,774
Micro & Small
2,910
Medium
1,318
Large
18,546
Services
11,671
Transport Operators
816
Computer Software
175
Tourism, Hotels & Rest.
368
Shipping
88
Professional Services
612
Trade
2,803
Wholesale Trade
1,478
Retail Trade
1,325
Commercial Real Estate
1,338
NBFCs
2,565
Other Services
2,906
Personal Loans
9,423
Consumer Durables
92
Housing
4,910
Advances against FDs
581
Adv. against shares etc
31
Credit Card Outstanding
231
Education
566
Vehicle Loans
1,168
Other Personal Loans
1,844
Priority Sector
16,283
6,027
Micro & Small Enterprises
6,078
Manufacturing
2,910
Services
3,168
Housing
2,874
Micro-Credit
168
Education Loans
545
State - sponsored Orgs
1
Weaker Sections
3,037
Export Credit
440
Jun-13
49,918
6,051
22,820
2,928
1,321
18,572
11,699
829
178
362
86
607
2,818
1,489
1,330
1,339
2,589
2,892
9,348
90
4,849
631
30
230
555
1,167
1,795
16,105
6,051
6,103
2,928
3,175
2,866
173
534
1
2,951
454
May-13
49,447
6,034
22,593
2,865
1,335
18,393
11,547
816
177
361
87
597
2,836
1,523
1,313
1,320
2,497
2,856
9,273
89
4,799
603
30
230
552
1,167
1,803
16,166
6,034
6,031
2,865
2,791
2,834
179
531
1
2,893
451
Apr-13
48,884
6,011
22,390
2,943
1,248
18,198
11,359
815
169
354
83
596
2,784
1,492
1,292
1,274
2,570
2,714
9,125
86
4,701
601
30
252
548
1,142
1,764
15,892
6,011
5,823
2,943
2,880
2,792
172
546
1
2,890
425
Mar -13
48,696
5,899
22,302
2,843
1,247
18,211
11,486
796
169
354
82
564
2,760
1,501
1,259
1,261
2,570
2,930
9,009
84
4,600
611
31
249
550
1,111
1,774
15,398
5,899
5,623
2,843
2,779
2,672
165
526
1
2,734
422
Feb-13
46,858
5,603
21,592
2,811
1,832
16,949
10,957
723
167
351
76
537
2,680
1,481
1,199
1,304
2,423
2,695
8,706
81
4,480
610
34
255
549
1,127
1,571
15,071
5,603
5,517
2,811
2,706
2,724
242
524
29
2,917
443
Jan-13
46,297
5,580
21,309
2,732
1,960
16,617
10,739
724
161
360
77
543
2,575
1,397
1,178
1,311
2,444
2,544
8,669
80
4,446
605
34
252
547
1,113
1,592
14,917
5,580
5,429
2,732
2,697
2,710
238
523
29
2,856
409
Dec-12
46,231
5,590
21,140
2,717
2,019
16,405
10,858
730
161
351
80
527
2,558
1,400
1,158
1,308
2,523
2,619
8,643
77
4,408
610
33
248
542
1,107
1,619
14,886
5,590
5,397
2,717
2,681
2,678
241
521
28
2,795
429
Nov-12
45,552
5,495
20,853
2,685
2,031
16,137
10,625
790
164
342
81
511
2,538
1,389
1,148
1,201
2,439
2,558
8,580
75
4,372
615
31
247
543
1,093
1,604
14,617
5,495
5,262
2,685
2,576
2,667
219
523
20
2,725
401
Oct-12
44,320
5,351
20,264
2,595
1,984
15,685
10,368
791
151
341
81
503
2,441
1,326
1,115
1,188
2,371
2,505
8,337
72
4,285
586
30
227
537
1,040
1,561
13,979
5,351
5,137
2,595
2,541
2,619
218
517
20
2,696
388
Sep-12
43,992
5,262
20,134
2,600
1,968
15,566
10,408
777
149
344
80
486
2,354
1,309
1,045
1,158
2,422
2,636
8,188
70
4,213
572
29
230
535
1,027
1,512
14,105
5,262
5,112
2,600
2,512
2,585
216
515
20
2,579
385
Aug-12
43,563
5,273
19,856
2,601
1,978
15,277
10,314
792
147
342
76
492
2,314
1,290
1,024
1,157
2,406
2,587
8,119
70
4,182
570
29
229
527
1,019
1,493
14,151
5,273
5,099
2,601
2,498
2,497
219
507
20
2,603
390
Jul-12
43,458
5,453
19,650
2,418
1,333
15,899
10,301
791
147
337
74
498
2,314
1,290
1,024
1,158
2,434
2,548
8,055
69
4,148
496
28
221
520
946
1,627
14,001
5,453
4,902
2,418
2,483
2,537
146
498
1
2,410
394
Emkay Research
September 2, 2013
Sector Update

Exhibit 7: Sectoral deployment of non-food credit (% yoy)
% yoy change
Jul-13
Non-food Credit
14.8
10.5
15.9
Micro & Small
20.3
Medium
-1.1
Large
16.7
Services
13.3
Transport Operators
3.2
Computer Software
19.0
9.3
Shipping
17.5
22.9
Trade
21.1
Wholesale Trade
14.6
Retail Trade
29.4
15.6
NBFCs
5.4
Other Services
14.1
Personal Loans
17.0
Consumer Durables
33.8
Housing
18.4
17.2
12.5
4.4
Education
8.9
Vehicle Loans
23.4
13.3
Priority Sector
16.3
10.5
24.0
Manufacturing
20.3
Services
27.6
Housing
13.3
Micro-Credit
15.0
Education Loans
9.4
-7.3
Weaker Sections
26.0
Export Credit
11.6
Jun-13
13.4
9.9
14.1
21.2
12.2
13.2
12.1
6.4
21.0
7.0
14.8
23.6
19.3
12.2
28.3
15.4
1.9
13.9
15.6
21.0
17.0
20.6
8.0
6.9
9.1
24.2
8.7
14.7
9.9
23.6
21.2
25.9
12.2
13.7
9.5
-10.1
23.6
16.0
May-13
14.9
11.2
15.5
20.6
7.8
15.4
14.6
4.5
23.7
9.0
14.7
24.8
23.9
20.7
27.8
14.0
2.8
19.4
16.3
22.0
17.1
15.1
3.7
9.6
10.2
27.6
11.0
16.3
11.2
22.7
20.6
27.1
11.4
13.7
10.8
25.0
22.1
22.1
Apr-13
13.8
10.5
15.5
22.9
0.9
15.6
11.6
3.9
16.5
8.7
14.7
24.3
23.3
21.2
25.7
11.5
5.2
7.3
14.8
19.9
15.1
9.0
-4.3
20.1
9.6
26.6
10.4
13.2
10.5
17.9
22.9
13.2
9.2
5.6
13.9
-14.2
20.8
14.3
Mar -13
13.3
7.7
14.9
20.0
-5.2
15.8
12.7
4.2
18.1
9.4
3.1
17.6
22.4
24.5
20.0
11.9
12.6
7.1
14.0
17.5
14.0
7.1
3.6
21.9
9.8
24.5
11.1
8.2
7.7
12.5
20.0
5.8
0.3
3.0
9.2
-30.7
17.1
12.0
Feb-13
14.4
18.4
14.7
12.8
-10.4
18.7
12.7
6.0
11.7
12.3
-29.6
-1.6
23.5
18.9
29.7
10.5
16.6
7.8
13.5
-6.7
13.5
8.3
-7.7
23.7
9.5
20.9
12.2
14.6
18.4
12.9
12.8
13.0
6.5
15.5
8.3
7.4
20.7
40.2
Jan-13
14.6
19.8
15.2
11.1
-2.8
18.4
12.0
8.3
7.3
15.7
-23.3
0.5
20.5
15.0
27.8
12.9
21.6
1.2
13.5
-7.5
12.3
6.9
-7.1
24.3
10.4
21.0
16.3
15.0
19.8
13.7
11.1
16.4
6.9
17.3
8.0
3.6
30.6
15.6
Dec-12
14.3
21.4
13.8
10.1
1.7
16.1
12.3
8.9
7.1
11.5
-19.6
-4.9
20.4
16.4
25.6
12.6
19.3
5.7
13.7
-36.1
12.5
13.7
-35.6
27.1
10.1
22.2
17.1
14.4
21.4
11.9
10.1
13.7
6.4
14.8
8.0
3.7
20.2
6.2
Nov-12
17.6
24.4
17.7
9.7
3.0
21.4
15.3
21.5
12.3
13.0
-16.1
-4.8
23.3
21.1
26.1
5.3
30.3
6.1
16.3
-7.8
13.2
13.9
-15.5
25.7
10.6
25.8
23.0
15.3
24.4
11.1
9.7
12.6
7.5
-13.6
8.9
18.5
29.0
-1.8
Oct-12
15.5
22.9
15.2
6.4
1.1
18.9
13.7
21.0
8.3
14.5
-18.1
-3.3
21.2
20.4
22.2
3.9
27.9
4.4
14.1
-16.5
12.1
4.2
-6.8
17.0
9.7
22.2
22.8
10.8
22.9
8.4
6.4
10.5
6.0
-11.4
7.4
18.6
28.1
-5.5
Sep-12
15.9
21.3
15.6
7.0
0.6
19.4
16.5
19.6
6.2
17.0
-14.8
-6.7
24.1
25.4
22.5
3.9
31.8
10.4
12.6
-17.0
11.2
2.3
-9.2
21.8
10.6
22.2
16.6
12.1
21.3
8.4
7.0
9.8
4.0
-4.0
8.0
17.9
24.5
-5.5
Aug-12
15.8
20.0
15.8
8.5
2.5
19.2
16.5
21.8
7.2
17.7
-15.4
-4.7
24.3
32.4
15.5
3.6
37.6
6.0
14.4
-17.1
14.8
4.6
-11.6
20.6
10.7
21.1
15.9
16.1
20.0
8.7
8.5
9.0
5.6
-7.1
8.3
18.4
31.7
6.1
Jul-12
16.6
17.6
18.4
11.2
14.6
20.0
14.8
14.0
6.8
14.2
-2.9
-0.7
26.9
45.2
9.6
5.1
35.4
0.1
13.7
12.0
11.4
-4.7
7.4
19.1
12.4
23.1
21.8
10.9
17.6
10.2
11.2
9.2
2.9
-10.1
9.9
73.4
35.1
19.1
Emkay Research
September 2, 2013
Sector Update

Exhibit 8: Sectoral deployment of non-food credit (% YTD)
% growth YTD
Non-food Credit
Micro & Small
Medium
Large
Services
Transport Operators
Computer Software
Shipping
Trade
Wholesale Trade
Retail Trade
NBFCs
Other Services
Personal Loans
Consumer Durables
Housing
Education
Vehicle Loans
Priority Sector
Manufacturing
Services
Housing
Micro-Credit
Education Loans
Weaker Sections
Export Credit
Jul-13
2.5
2.2
2.1
2.3
5.7
1.8
1.6
2.5
3.6
3.9
6.5
8.5
1.6
-1.6
5.3
6.1
-0.2
-0.8
4.6
10.0
6.7
-4.9
-0.4
-7.1
3.0
5.1
4.0
5.7
2.2
8.1
2.3
14.0
7.5
1.5
3.5
2.4
11.1
4.1
Jun-13
2.5
2.6
2.3
3.0
5.9
2.0
1.9
4.1
5.2
2.1
4.4
7.5
2.1
-0.8
5.6
6.2
0.8
-1.3
3.8
7.9
5.4
3.3
-3.5
-7.8
1.1
5.1
1.2
4.6
2.6
8.5
3.0
14.2
7.2
4.6
1.5
0.0
7.9
7.6
May-13
1.5
2.3
1.3
0.7
7.1
1.0
0.5
2.5
4.8
1.8
5.8
5.7
2.8
1.5
4.4
4.7
-2.8
-2.5
2.9
5.9
4.3
-1.4
-2.9
-7.5
0.4
5.1
1.6
5.0
2.3
7.3
0.7
0.4
6.0
8.3
0.9
0.8
5.8
6.8
Apr-13
0.4
1.9
0.4
3.5
0.1
-0.1
-1.1
2.3
-0.2
-0.1
1.4
5.6
0.9
-0.6
2.7
1.1
0.0
-7.4
1.3
2.0
2.2
-1.6
-3.0
1.3
-0.3
2.8
-0.5
3.2
1.9
3.6
3.5
3.6
4.5
4.0
3.8
-2.4
5.7
0.7
Mar -13
13.3
7.7
14.9
20.0
-5.2
15.8
12.7
4.2
18.1
9.4
3.1
17.6
22.4
24.5
20.0
11.9
12.6
7.1
14.0
17.5
14.0
7.1
3.6
21.9
9.8
24.5
11.1
8.2
7.7
12.5
20.0
5.8
0.3
3.0
9.2
-30.7
17.1
12.0
Feb-13
9.0
2.3
11.3
18.6
39.2
7.8
7.5
-5.4
16.9
8.5
-4.3
12.0
18.9
22.8
14.3
15.7
6.2
-1.5
10.2
13.7
11.1
6.9
13.5
24.7
9.6
26.2
-1.6
5.9
2.3
10.4
18.6
3.0
2.2
51.1
8.8
1,520.1
25.0
17.5
Jan-13
7.7
1.9
9.8
15.3
49.0
5.7
5.4
-5.2
12.6
11.2
-3.2
13.1
14.2
15.9
12.3
16.3
7.2
-7.0
9.7
11.9
10.2
6.1
12.9
23.5
9.2
24.7
-0.3
4.8
1.9
8.7
15.3
2.7
1.7
48.8
8.4
1,520.1
22.3
8.6
Dec-12
7.6
2.1
8.9
14.7
53.5
4.3
6.6
-4.4
12.6
8.5
0.5
9.9
13.5
16.1
10.4
16.1
10.6
-4.3
9.4
7.9
9.3
7.0
8.7
21.2
8.2
24.0
1.4
4.6
2.1
8.0
14.7
2.1
0.5
50.4
8.2
1,464.2
19.8
13.8
Nov-12
6.0
0.3
7.4
13.3
54.4
2.6
4.3
3.5
14.6
5.6
2.1
6.5
12.6
15.3
9.5
6.6
6.9
-6.5
8.6
5.6
8.4
7.8
1.7
20.6
8.4
22.5
0.4
2.7
0.3
5.3
13.3
-1.9
0.1
36.6
8.5
1,035.2
16.8
6.5
Oct-12
3.1
-2.3
4.4
9.5
50.8
-0.2
1.8
3.6
5.7
5.4
1.2
4.8
8.3
10.0
6.3
5.4
4.0
-8.4
5.5
1.0
6.2
2.7
0.5
11.1
7.3
16.5
-2.3
-1.7
-2.3
2.8
9.5
-3.3
-1.7
36.0
7.3
1,006.7
15.5
3.1
Sep-12
2.4
-3.9
3.7
9.7
49.6
-1.0
2.2
1.7
4.1
6.3
0.3
1.4
4.4
8.6
-0.3
2.7
6.2
-3.6
3.7
-1.2
4.5
0.2
-3.2
12.7
6.8
15.0
-5.3
-0.9
-3.9
2.3
9.7
-4.4
-3.0
34.6
6.8
1,006.7
10.5
2.1
Aug-12
1.4
-3.7
2.3
9.8
50.4
-2.8
1.2
3.7
2.7
5.7
-4.6
2.6
2.7
7.0
-2.3
2.7
5.5
-5.4
2.8
-1.5
3.7
-0.1
-2.0
12.0
5.3
14.2
-6.5
-0.5
-3.7
2.1
9.8
-4.9
-6.3
36.5
5.1
1,016.8
11.5
3.5
Jul-12
1.1
-0.4
1.2
2.1
1.3
1.1
1.1
3.5
2.8
4.0
-6.5
3.8
2.6
7.0
-2.4
2.8
6.7
-6.8
2.0
-3.4
2.8
-13.1
-8.3
8.4
3.8
6.1
1.9
-1.6
-0.4
-1.9
2.1
-5.4
-4.8
-9.1
3.3
-23.5
3.3
4.5
Emkay Research
September 2, 2013
Sector Update

Exhibit 9: Sectoral deployment of non-food credit (% of total)
As % of total
Jul-13
Non-food Credit
100.0
12.1
45.6
Micro & Small
5.8
Medium
2.6
Large
37.2
Services
23.4
Transport Operators
1.6
Computer Software
0.4
0.7
Shipping
0.2
1.2
Trade
5.6
Wholesale Trade
3.0
Retail Trade
2.7
2.7
NBFCs
5.1
Other Services
5.8
Personal Loans
18.9
Consumer Durables
0.2
Housing
9.8
1.2
0.1
0.5
Education
1.1
Vehicle Loans
2.3
3.7
Priority Sector
32.6
12.1
12.2
Manufacturing
5.8
Services
6.4
Housing
5.8
Micro-Credit
0.3
Education Loans
1.1
0.0
Weaker Sections
6.1
Export Credit
0.9
Jun-13
100.0
12.1
45.7
5.9
2.6
37.2
23.4
1.7
0.4
0.7
0.2
1.2
5.6
3.0
2.7
2.7
5.2
5.8
18.7
0.2
9.7
1.3
0.1
0.5
1.1
2.3
3.6
32.3
12.1
12.2
5.9
6.4
5.7
0.3
1.1
0.0
5.9
0.9
May-13
100.0
12.2
45.7
5.8
2.7
37.2
23.4
1.7
0.4
0.7
0.2
1.2
5.7
3.1
2.7
2.7
5.0
5.8
18.8
0.2
9.7
1.2
0.1
0.5
1.1
2.4
3.6
32.7
12.2
12.2
5.8
5.6
5.7
0.4
1.1
0.0
5.8
0.9
Apr-13
100.0
12.3
45.8
6.0
2.6
37.2
23.2
1.7
0.3
0.7
0.2
1.2
5.7
3.1
2.6
2.6
5.3
5.6
18.7
0.2
9.6
1.2
0.1
0.5
1.1
2.3
3.6
32.5
12.3
11.9
6.0
5.9
5.7
0.4
1.1
0.0
5.9
0.9
Mar -13
100.0
12.1
45.8
5.8
2.6
37.4
23.6
1.6
0.3
0.7
0.2
1.2
5.7
3.1
2.6
2.6
5.3
6.0
18.5
0.2
9.4
1.3
0.1
0.5
1.1
2.3
3.6
31.6
12.1
11.5
5.8
5.7
5.5
0.3
1.1
0.0
5.6
0.9
Feb-13
100.0
12.0
46.1
6.0
3.9
36.2
23.4
1.5
0.4
0.7
0.2
1.1
5.7
3.2
2.6
2.8
5.2
5.8
18.6
0.2
9.6
1.3
0.1
0.5
1.2
2.4
3.4
32.2
12.0
11.8
6.0
5.8
5.8
0.5
1.1
0.1
6.2
0.9
Jan-13
100.0
12.1
46.0
5.9
4.2
35.9
23.2
1.6
0.3
0.8
0.2
1.2
5.6
3.0
2.5
2.8
5.3
5.5
18.7
0.2
9.6
1.3
0.1
0.5
1.2
2.4
3.4
32.2
12.1
11.7
5.9
5.8
5.9
0.5
1.1
0.1
6.2
0.9
Dec-12
100.0
12.1
45.7
5.9
4.4
35.5
23.5
1.6
0.3
0.8
0.2
1.1
5.5
3.0
2.5
2.8
5.5
5.7
18.7
0.2
9.5
1.3
0.1
0.5
1.2
2.4
3.5
32.2
12.1
11.7
5.9
5.8
5.8
0.5
1.1
0.1
6.0
0.9
Nov-12
100.0
12.1
45.8
5.9
4.5
35.4
23.3
1.7
0.4
0.8
0.2
1.1
5.6
3.1
2.5
2.6
5.4
5.6
18.8
0.2
9.6
1.3
0.1
0.5
1.2
2.4
3.5
32.1
12.1
11.6
5.9
5.7
5.9
0.5
1.1
0.0
6.0
0.9
Oct-12
100.0
12.1
45.7
5.9
4.5
35.4
23.4
1.8
0.3
0.8
0.2
1.1
5.5
3.0
2.5
2.7
5.4
5.7
18.8
0.2
9.7
1.3
0.1
0.5
1.2
2.3
3.5
31.5
12.1
11.6
5.9
5.7
5.9
0.5
1.2
0.0
6.1
0.9
Sep-12
100.0
12.0
45.8
5.9
4.5
35.4
23.7
1.8
0.3
0.8
0.2
1.1
5.4
3.0
2.4
2.6
5.5
6.0
18.6
0.2
9.6
1.3
0.1
0.5
1.2
2.3
3.4
32.1
12.0
11.6
5.9
5.7
5.9
0.5
1.2
0.0
5.9
0.9
Aug-12
100.0
12.1
45.6
6.0
4.5
35.1
23.7
1.8
0.3
0.8
0.2
1.1
5.3
3.0
2.4
2.7
5.5
5.9
18.6
0.2
9.6
1.3
0.1
0.5
1.2
2.3
3.4
32.5
12.1
11.7
6.0
5.7
5.7
0.5
1.2
0.0
6.0
0.9
Jul-12
100.0
12.5
45.2
5.6
3.1
36.6
23.7
1.8
0.3
0.8
0.2
1.1
5.3
3.0
2.4
2.7
5.6
5.9
18.5
0.2
9.5
1.1
0.1
0.5
1.2
2.2
3.7
32.2
12.5
11.3
5.6
5.7
5.8
0.3
1.1
0.0
5.5
0.9
Emkay Research
September 2, 2013
Sector Update

Exhibit 10: Industry wise deployment of credit (Rs bn)
Rs bn
Mining & Quarrying (including Coal)
Food Processing
Sugar
Edible Oils & Vanaspati
Tea
Others
Beverage & Tobacco
Textiles
Cotton Textiles
Jute Textiles
Man-Made Textiles
Other Textiles
Leather & Leather Products
Wood & Wood Products
Paper & Paper Products
Petroleum, Coal Products & Nuclear Fuels
Chemicals & Chemical Products
Fertiliser
Drugs & Pharmaceuticals
Petro Chemicals
Others
Rubber, Plastic & their Products
Glass & Glassware
Cement & Cement Products
Basic Metal & Metal Product
Iron & Steel
Other Metal & Metal Product
All Engineering
Electronics
Others
Vehicles, Vehicle Parts & Transport Equipment
Gems & Jewellery
Construction
Infrastructure
Power
Telecommunications
Roads
Other Infrastructure
Other Industries
Total
Jul-13
320
1,232
322
190
29
690
156
1,834
912
21
192
709
90
81
300
535
1,445
215
519
319
393
313
71
481
3,191
2,443
747
1,319
308
1,011
603
692
536
7,840
4,552
897
1,445
945
1,736
22,774
Jun-13
312
1,246
339
182
27
697
159
1,852
922
22
192
715
90
81
296
566
1,480
225
529
337
390
317
71
468
3,219
2,459
760
1,335
306
1,029
608
686
538
7,727
4,439
910
1,408
970
1,768
22,820
May-13
316
1,244
345
178
26
695
153
1,845
916
23
190
716
89
79
297
523
1,446
275
501
289
381
317
72
460
3,176
2,411
765
1,308
301
1,008
598
682
543
7,722
4,416
936
1,389
981
1,721
22,593
Apr-13
327
1,230
343
175
26
686
162
1,857
935
23
191
708
87
79
294
534
1,533
273
503
371
385
317
74
457
3,149
2,394
755
1,304
307
997
586
630
532
7,595
4,353
910
1,343
989
1,646
22,390
Mar -13
346
1,174
330
171
26
648
165
1,835
925
22
189
699
87
77
283
643
1,592
269
495
441
387
312
74
459
3,141
2,366
775
1,284
334
950
589
611
522
7,297
4,158
878
1,313
948
1,810
22,302
Feb-13
391
1,142
293
162
27
661
168
1,697
852
18
121
706
82
79
289
699
1,277
212
478
176
411
301
66
444
3,007
2,250
757
1,294
364
930
613
584
619
7,250
4,140
919
1,327
865
1,588
21,592
Jan-13
398
1,117
281
159
26
651
168
1,669
836
18
120
694
84
78
286
656
1,253
201
482
163
406
298
65
435
2,965
2,220
745
1,279
364
915
595
577
602
7,162
4,072
920
1,302
869
1,624
21,309
Dec-12
406
1,099
267
161
26
645
165
1,654
830
18
118
689
86
77
284
698
1,246
192
488
161
406
303
65
432
2,964
2,230
735
1,246
330
916
589
573
572
6,925
3,874
930
1,265
855
1,758
21,140
Nov-12
396
1,071
266
154
30
621
163
1,622
818
18
114
673
83
75
288
673
1,214
179
484
151
400
302
65
425
2,971
2,221
749
1,241
326
914
586
551
561
6,887
3,786
929
1,270
903
1,679
20,853
Oct-12
378
1,021
274
99
29
619
158
1,592
808
17
111
656
81
72
282
592
1,179
173
470
148
388
301
65
405
2,853
2,115
738
1,226
328
899
597
542
566
6,586
3,576
894
1,252
864
1,768
20,264
Sep-12
360
1,023
278
95
27
623
155
1,578
805
17
112
645
81
71
283
650
1,177
166
468
153
391
300
64
395
2,729
2,071
658
1,230
320
910
601
541
595
6,501
3,607
869
1,233
791
1,800
20,134
Aug-12
376
999
283
88
24
604
151
1,561
809
16
103
634
82
72
276
597
1,149
162
460
153
375
296
64
380
2,692
2,045
647
1,235
317
918
600
526
590
6,445
3,554
883
1,210
798
1,766
19,856
Jul-12
332
909
283
123
22
481
147
1,601
822
16
157
606
83
66
258
518
1,191
121
457
281
331
292
67
373
2,657
2,011
646
1,231
275
956
575
524
507
6,438
3,470
933
1,173
861
1,881
19,650
Emkay Research
September 2, 2013
Sector Update

Exhibit 11: Industry wise deployment of credit (% yoy)
% yoy change
Food Processing
Sugar
Tea
Others
Beverage & Tobacco
Textiles
Cotton Textiles
Jute Textiles
Man-Made Textiles
Other Textiles
Fertiliser
Petro Chemicals
Others
Glass & Glassware
Iron & Steel
All Engineering
Electronics
Others
Gems & Jewellery
Construction
Infrastructure
Power
Telecommunications
Roads
Other Industries
Total
Jul-13
-3.7
35.5
13.8
54.3
34.0
43.5
6.3
14.5
10.9
25.1
22.9
17.0
7.8
21.8
16.2
3.4
21.3
77.4
13.4
13.4
18.6
7.4
6.6
28.8
20.1
21.5
15.8
7.2
11.9
5.8
4.9
32.1
5.6
21.8
31.2
-3.9
23.2
9.8
-7.7
15.9
Jun-13
-6.9
34.2
13.8
46.0
22.5
44.4
8.6
14.6
11.0
30.0
21.6
17.3
10.1
21.8
14.9
-8.7
16.7
64.5
14.8
0.1
16.3
6.1
6.1
24.2
20.8
22.4
16.0
14.6
12.1
15.4
8.5
27.9
9.5
19.1
29.8
-6.8
21.5
4.1
-13.2
14.1
May-13
-3.9
33.5
9.1
38.1
21.0
49.5
2.5
15.5
11.3
27.8
20.5
19.5
12.5
25.5
17.0
-3.5
15.2
91.0
9.4
-12.8
18.6
7.3
11.4
24.0
20.1
22.7
12.7
15.8
9.6
17.8
9.7
30.6
10.8
21.0
32.6
-5.9
23.3
5.6
-10.1
15.5
Apr-13
-0.2
33.0
7.1
33.3
24.5
51.6
7.7
16.5
12.9
30.2
19.6
20.3
9.1
26.7
18.2
-6.5
22.7
76.7
11.3
14.3
21.4
6.6
17.5
23.4
20.0
22.5
12.5
14.7
8.7
16.7
10.5
20.8
8.6
21.0
32.3
-4.6
21.2
7.1
-11.9
15.5
Mar -13
6.8
24.7
4.4
28.8
29.7
36.8
9.7
15.1
10.2
57.5
18.8
20.1
13.6
24.8
13.2
5.1
25.4
70.6
7.6
32.6
21.2
4.4
18.8
24.2
20.0
20.8
17.6
13.7
16.4
12.7
13.7
19.1
7.3
15.8
25.7
-6.6
18.4
0.7
0.7
15.1
Feb-13
29.7
17.5
-2.4
21.2
20.2
28.0
28.6
8.9
6.7
30.6
9.2
11.1
14.0
27.4
17.3
23.9
22.0
51.1
5.3
17.4
35.9
19.8
10.3
21.6
20.5
19.7
22.7
17.1
16.0
17.5
18.1
19.2
8.8
19.6
29.8
0.0
17.5
4.8
-18.3
14.7
Jan-13
32.4
18.4
2.1
17.1
16.9
27.6
24.0
8.0
5.7
28.8
9.0
10.3
11.7
25.8
17.2
11.0
22.0
71.8
6.1
12.4
31.0
23.3
12.7
21.4
20.2
18.7
25.0
19.2
17.8
19.7
15.0
19.3
9.0
19.1
28.4
-0.3
18.7
5.6
-10.7
15.2
Dec-12
37.6
19.1
2.9
13.2
8.6
29.7
19.4
7.7
7.4
27.0
-1.4
9.3
9.9
24.3
14.6
5.0
19.2
63.3
5.7
7.0
28.4
22.7
9.0
18.2
19.7
18.7
22.6
14.8
5.7
18.5
11.3
18.6
5.1
16.0
22.8
2.3
16.0
5.2
-4.2
13.8
Nov-12
41.8
25.0
12.8
22.8
28.3
31.4
19.1
9.5
9.3
29.5
9.7
9.3
9.7
22.1
20.7
13.9
22.0
85.5
8.4
8.8
27.6
22.5
15.3
25.0
25.3
23.2
31.8
20.5
13.9
23.0
15.4
20.0
7.0
18.7
23.5
0.9
19.5
20.1
1.1
17.7
Oct-12
34.5
19.9
10.2
-18.6
24.7
35.0
13.2
8.1
8.7
25.8
7.3
7.2
8.1
20.4
19.3
-3.8
20.3
92.9
6.3
6.8
25.3
19.7
14.9
20.9
22.4
19.7
31.0
18.6
14.5
20.2
19.6
14.8
7.8
14.9
18.4
-3.4
18.9
18.2
7.1
15.2
Sep-12
30.7
19.6
12.2
-21.7
14.1
34.7
13.8
8.4
9.2
12.5
7.1
7.7
2.9
17.7
20.8
1.5
21.8
88.8
7.7
13.9
25.9
22.0
13.8
20.1
18.6
18.8
18.0
21.0
11.5
24.7
20.0
15.6
16.7
15.1
19.9
-3.4
19.1
11.9
9.7
15.6
Aug-12
38.0
16.5
12.3
-31.2
3.0
33.1
14.3
7.5
8.7
17.2
-4.9
8.0
7.2
20.3
20.3
-3.0
21.4
98.2
5.1
20.0
24.7
23.4
25.7
17.8
16.4
16.0
17.9
24.6
12.7
29.3
22.6
16.5
20.3
15.1
19.1
-2.3
17.6
17.1
13.4
15.8
Jul-12
23.4
18.4
15.3
4.8
13.7
24.7
2.0
12.6
10.0
18.2
5.6
18.4
6.2
19.5
14.1
16.8
11.6
14.3
10.8
13.4
10.4
8.4
24.3
15.8
18.7
17.7
21.9
28.1
12.9
33.2
18.0
21.0
23.6
17.5
20.6
6.2
20.8
14.7
28.4
18.4
Emkay Research
September 2, 2013
Sector Update

Exhibit 12: Industry wise deployment of credit (% YTD)
% growth YTD
Food Processing
Sugar
Tea
Others
Beverage & Tobacco
Textiles
Cotton Textiles
Jute Textiles
Man-Made Textiles
Other Textiles
Fertiliser
Petro Chemicals
Others
Glass & Glassware
Iron & Steel
All Engineering
Electronics
Others
Gems & Jewellery
Construction
Infrastructure
Power
Telecommunications
Roads
Other Industries
Jul-13
-7.6
4.9
-2.2
11.6
14.0
6.5
-5.3
-0.1
-1.4
-6.2
1.7
1.3
3.6
5.1
6.0
-16.8
-9.3
-20.1
4.7
-27.8
1.6
0.3
-4.5
4.8
1.6
3.3
-3.6
2.7
-8.0
6.5
2.5
13.2
2.7
7.4
9.5
2.2
10.1
-0.3
-4.0
Jun-13
-10.0
6.1
2.9
6.7
5.2
7.7
-3.5
0.9
-0.3
1.0
1.5
2.3
4.3
5.1
4.7
-12.0
-7.0
-16.5
6.7
-23.6
0.8
1.6
-4.4
2.1
2.5
3.9
-2.0
4.0
-8.4
8.3
3.3
12.2
3.2
5.9
6.7
3.7
7.2
2.3
-2.3
May-13
-8.8
6.0
4.6
4.4
0.7
7.3
-7.1
0.5
-0.9
4.3
0.4
2.4
2.6
3.4
5.1
-18.6
-9.2
2.1
1.2
-34.5
-1.6
1.6
-3.2
0.4
1.1
1.9
-1.3
1.9
-10.1
6.1
1.6
11.5
4.0
5.8
6.2
6.7
5.8
3.5
-4.9
Apr-13
-5.7
4.8
4.1
2.5
-0.5
6.0
-1.9
1.2
1.1
4.9
1.0
1.2
-0.3
3.0
3.8
-17.0
-3.8
1.5
1.5
-15.9
-0.3
1.5
-1.3
-0.3
0.2
1.2
-2.6
1.5
-8.2
4.9
-0.5
3.1
2.1
4.1
4.7
3.7
2.3
4.3
-9.1
Mar -13
6.8
24.7
4.4
28.8
29.7
36.8
9.7
15.1
10.2
57.5
18.8
20.1
13.6
24.8
13.2
5.1
25.4
70.6
7.6
32.6
21.2
4.4
18.8
24.2
20.0
20.8
17.6
13.7
16.4
12.7
13.7
19.1
7.3
15.8
25.7
-6.6
18.4
0.7
0.7
Feb-13
20.4
21.3
-7.3
22.3
34.3
39.6
11.7
6.4
1.5
29.3
-23.8
21.2
8.0
28.4
15.8
14.3
0.6
34.7
3.7
-47.2
29.0
0.7
5.1
20.3
14.8
14.9
14.8
14.5
26.6
10.3
18.4
13.8
27.4
15.1
25.1
-2.2
19.6
-8.2
-11.6
Jan-13
22.7
18.6
-10.9
19.8
31.5
37.4
11.3
4.7
-0.3
30.1
-24.7
19.3
9.8
26.2
14.5
7.2
-1.4
27.7
4.8
-50.9
27.2
-0.4
4.0
17.9
13.2
13.3
13.1
13.2
26.7
8.6
14.9
12.3
23.7
13.7
23.0
-2.2
17.3
-7.7
-9.6
Dec-12
25.2
16.7
-15.4
21.3
31.4
36.2
9.6
3.8
-1.1
31.2
-26.1
18.3
12.1
24.7
13.5
14.1
-1.9
21.7
5.9
-51.7
27.3
1.3
3.8
17.1
13.2
13.8
11.5
10.3
14.8
8.7
13.7
11.6
17.6
9.9
17.1
-1.0
14.0
-9.2
-2.2
Nov-12
22.0
13.8
-15.7
16.6
50.0
31.1
8.3
1.7
-2.6
28.1
-28.5
15.6
9.1
21.5
15.3
10.1
-4.4
13.6
5.0
-54.6
25.3
1.1
3.1
15.1
13.5
13.4
13.7
9.8
13.6
8.5
13.2
7.3
15.5
9.3
14.4
-1.2
14.5
-4.1
-6.6
Oct-12
16.4
8.4
-13.3
-25.4
46.4
30.8
4.8
-0.2
-3.8
24.8
-30.2
12.6
6.3
17.9
12.9
-3.2
-7.2
9.8
2.1
-55.5
21.5
0.5
3.3
9.7
9.0
7.9
12.0
8.5
14.1
6.6
15.3
5.6
16.4
4.5
8.0
-4.9
12.9
-8.2
-1.7
Sep-12
10.8
8.6
-12.1
-28.0
33.4
31.6
2.8
-1.0
-4.1
19.5
-29.9
10.8
5.8
16.2
13.2
6.3
-7.3
5.5
1.6
-54.1
22.4
0.5
2.6
7.1
4.2
5.7
-0.2
8.8
11.4
7.9
16.0
5.4
22.4
3.2
9.0
-7.5
11.1
-15.9
0.2
Aug-12
15.8
6.1
-10.4
-33.2
19.7
27.5
0.5
-2.1
-3.6
14.6
-35.3
8.9
7.0
16.7
10.4
-2.4
-9.5
2.5
-0.2
-54.0
17.6
-0.9
2.8
3.0
2.8
4.4
-1.9
9.2
10.4
8.9
16.0
2.4
21.3
2.3
7.4
-6.1
9.1
-15.2
-1.8
Jul-12
2.5
-3.4
-10.3
-6.8
10.3
1.5
-2.3
0.4
-2.0
18.1
-1.7
4.1
9.2
7.7
3.2
-15.4
-6.2
-23.2
-0.7
-15.5
3.8
-2.5
6.4
1.1
1.5
2.6
-2.1
8.9
-4.3
13.4
11.1
2.1
4.3
2.2
4.9
-0.7
5.8
-8.5
4.7
Emkay Research
September 2, 2013
Sector Update

Exhibit 13: Industry wise deployment of credit (% of total)
As % of total
Jul-13
1.4
Food Processing
5.4
Sugar
1.4
0.8
Tea
0.1
Others
3.0
Beverage & Tobacco
0.7
Textiles
8.1
Cotton Textiles
4.0
Jute Textiles
0.1
Man-Made Textiles
0.8
Other Textiles
3.1
Leathe r & Leather Products
0.4
0.4
1.3
2.4
6.3
Fertiliser
0.9
2.3
Petro Chemicals
1.4
Others
1.7
1.4
Glass & Glassware
0.3
2.1
14.0
Iron & Steel
10.7
3.3
All Engineering
5.8
Electronics
1.4
Others
4.4
2.6
Gems & Jewellery
3.0
Construction
2.4
Infrastructure
34.4
Power
20.0
Telecommunications
3.9
Roads
6.3
4.2
Other Industries
7.6
Total
100.0
Jun-13
1.4
5.5
1.5
0.8
0.1
3.1
0.7
8.1
4.0
0.1
0.8
3.1
0.4
0.4
1.3
2.5
6.5
1.0
2.3
1.5
1.7
1.4
0.3
2.1
14.1
10.8
3.3
5.9
1.3
4.5
2.7
3.0
2.4
33.9
19.5
4.0
6.2
4.3
7.7
100.0
May-13
1.4
5.5
1.5
0.8
0.1
3.1
0.7
8.2
4.1
0.1
0.8
3.2
0.4
0.4
1.3
2.3
6.4
1.2
2.2
1.3
1.7
1.4
0.3
2.0
14.1
10.7
3.4
5.8
1.3
4.5
2.6
3.0
2.4
34.2
19.5
4.1
6.1
4.3
7.6
100.0
Apr-13
1.5
5.5
1.5
0.8
0.1
3.1
0.7
8.3
4.2
0.1
0.9
3.2
0.4
0.4
1.3
2.4
6.8
1.2
2.2
1.7
1.7
1.4
0.3
2.0
14.1
10.7
3.4
5.8
1.4
4.5
2.6
2.8
2.4
33.9
19.4
4.1
6.0
4.4
7.4
100.0
Mar -13
1.6
5.3
1.5
0.8
0.1
2.9
0.7
8.2
4.1
0.1
0.8
3.1
0.4
0.3
1.3
2.9
7.1
1.2
2.2
2.0
1.7
1.4
0.3
2.1
14.1
10.6
3.5
5.8
1.5
4.3
2.6
2.7
2.3
32.7
18.6
3.9
5.9
4.3
8.1
100.0
Feb-13
1.8
5.3
1.4
0.7
0.1
3.1
0.8
7.9
3.9
0.1
0.6
3.3
0.4
0.4
1.3
3.2
5.9
1.0
2.2
0.8
1.9
1.4
0.3
2.1
13.9
10.4
3.5
6.0
1.7
4.3
2.8
2.7
2.9
33.6
19.2
4.3
6.1
4.0
7.4
100.0
Jan-13
1.9
5.2
1.3
0.7
0.1
3.1
0.8
7.8
3.9
0.1
0.6
3.3
0.4
0.4
1.3
3.1
5.9
0.9
2.3
0.8
1.9
1.4
0.3
2.0
13.9
10.4
3.5
6.0
1.7
4.3
2.8
2.7
2.8
33.6
19.1
4.3
6.1
4.1
7.6
100.0
Dec-12
1.9
5.2
1.3
0.8
0.1
3.1
0.8
7.8
3.9
0.1
0.6
3.3
0.4
0.4
1.3
3.3
5.9
0.9
2.3
0.8
1.9
1.4
0.3
2.0
14.0
10.5
3.5
5.9
1.6
4.3
2.8
2.7
2.7
32.8
18.3
4.4
6.0
4.0
8.3
100.0
Nov-12
1.9
5.1
1.3
0.7
0.1
3.0
0.8
7.8
3.9
0.1
0.5
3.2
0.4
0.4
1.4
3.2
5.8
0.9
2.3
0.7
1.9
1.5
0.3
2.0
14.2
10.7
3.6
5.9
1.6
4.4
2.8
2.6
2.7
33.0
18.2
4.5
6.1
4.3
8.1
100.0
Oct-12
1.9
5.0
1.4
0.5
0.1
3.1
0.8
7.9
4.0
0.1
0.5
3.2
0.4
0.4
1.4
2.9
5.8
0.9
2.3
0.7
1.9
1.5
0.3
2.0
14.1
10.4
3.6
6.1
1.6
4.4
2.9
2.7
2.8
32.5
17.6
4.4
6.2
4.3
8.7
100.0
Sep-12
1.8
5.1
1.4
0.5
0.1
3.1
0.8
7.8
4.0
0.1
0.6
3.2
0.4
0.4
1.4
3.2
5.8
0.8
2.3
0.8
1.9
1.5
0.3
2.0
13.6
10.3
3.3
6.1
1.6
4.5
3.0
2.7
3.0
32.3
17.9
4.3
6.1
3.9
8.9
100.0
Aug-12
1.9
5.0
1.4
0.4
0.1
3.0
0.8
7.9
4.1
0.1
0.5
3.2
0.4
0.4
1.4
3.0
5.8
0.8
2.3
0.8
1.9
1.5
0.3
1.9
13.6
10.3
3.3
6.2
1.6
4.6
3.0
2.6
3.0
32.5
17.9
4.4
6.1
4.0
8.9
100.0
Jul-12
1.7
4.6
1.4
0.6
0.1
2.4
0.7
8.1
4.2
0.1
0.8
3.1
0.4
0.3
1.3
2.6
6.1
0.6
2.3
1.4
1.7
1.5
0.3
1.9
13.5
10.2
3.3
6.3
1.4
4.9
2.9
2.7
2.6
32.8
17.7
4.7
6.0
4.4
9.6
100.0
Emkay Research
September 2, 2013
10
Sector Update
Emkay Global Financial Services Ltd.

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Emkay Research
September 2, 2013
11
www.emkayglobal.com

Sectoral Deployment of Credit - July13

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Sectoral Deployment of Credit - July13

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Marginal uptick in credit growth; underlying growth still fragile

Your success is our success

Marginal uptick in credit growth; underlying growth, however still fragile

Emkay Global Financial Services Ltd.

Sectoral deployment of credit

Source: RBI, Emkay Research

Exhibit 2: Trend in loan growth % yoy

Source: RBI, Emkay Research

Exhibit 3: Trend in deposit growth % yoy

Source: RBI, Emkay Research

Exhibit 4: Industrial credit growth led by Power and road sector

Exhibit 5: Housing loans grew 18% yoy vs 14.8% growth in non-food

Source: RBI, Emkay Research

Source: RBI, Emkay Research

Sectoral deployment of credit

Source: RBI, Emkay Research

Sectoral deployment of credit

Source: RBI, Emkay Research

Sectoral deployment of credit

Source: RBI, Emkay Research

Sectoral deployment of credit

Source: RBI, Emkay Research

Sectoral deployment of credit

Source: RBI, Emkay Research

Sectoral deployment of credit

Source: RBI, Emkay Research

Sectoral deployment of credit

Source: RBI, Emkay Research

Sectoral deployment of credit

Source: RBI, Emkay Research

Sectoral deployment of credit

Emkay Global Financial Services Ltd.

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