# Axis Securities says credit growth has revived, logging around 15 per cent year-on-year growth for its coverage universe.

*fintech · news · 2026-04-08 · Business Today*

## Key points

- Credit growth in the BFSI sector has revived to around 15% year-on-year for Axis coverage.
- Small finance banks and mid-sized private lenders are the primary drivers of this credit growth surge.
- Deposit growth is lagging, keeping funding costs high and intensifying competition for CASA.
- Asset quality outlook has improved, with lower fresh stress expected in unsecured loan portfolios.
- NBFCs are projected to post strong AUM and earnings growth due to lower credit costs.

**Companies:** HDFC Bank Ltd, ICICI Bank Ltd, State Bank of India, Kotak Mahindra Bank Ltd, Bank of Baroda, Bandhan Bank, City Union Bank, Federal Bank Ltd, DCB Bank, IDFC First Bank, AU Small Finance Bank, Ujjivan Small Finance Bank
**Countries:** India

[Read the full story on Business Today](https://www.businesstoday.in/markets/stocks/story/hdfc-icici-sbi-kotak-bank-among-23-bfsi-stocks-to-buy-target-prices-sectoral-preview-524667-2026-04-08)

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