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Nomura points to a robust loan growth across most banks and a visible spike in deposits.
Nomura warns that strong end-period deposit growth may not be sustainable across Indian banks.
KEY POINTS
- HDFC Bank's loan-to-deposit ratio declined to 95.3% due to a sharp sequential deposit pickup.
- Axis Bank's advances grew 18.4% year on year, outpacing industry trends and improving its funding mix.
- IndusInd Bank's loan book declined 8.7% year on year, but the pace of contraction is slowing.
- IDFC First Bank's loan growth was 20% year on year, but deposits remained flat due to headwinds.
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