Commercial banks post steady YoY growth in credit in first quarter of FY24

Commercial banks including one small finance bank posted a steady growth in advances on year-on-year (YoY) basis in the first quarter ended June 2023 (Q1FY24).

Kolkata-based Bandhan Bank expanded loan and advances by 6.7 per cent YoY to Rs 1.03 trillion. However, they shrunk sequentially by 5.5 per cent over Rs 1.09 trillion at end of March 2023.

Mumbai-based lender RBL Bank’s loans grew by 20 per cent YoY to Rs 74,792 crore at end of June 2023. Sequentially, they increased by four per cent over Rs 71,857 crore at end of March 2023.

Jaipur-based AU Small Finance Bank said its loans grew by 29 per cent YoY to Rs 63,635 crore and sequentially by 8.0 per cent over Rs 59,158 crore in March 2023.  The credit demand remained strong with disbursement sustaining across product segments and the Bank saw an uptick in disbursement yields on a QoQ basis, it added.

As for deposits, Bandhan Bank reported 16.6 per cent growth at Rs 1.08 trillion, RBL Bank - 8.0 per cent YoY at Rs 85,638 crore and AU SFB 27 per cent YoY at Rs 69,315 crore.