Financials - India: India conf takeaways – Resilient trends with emerging headwinds

研报英文原文证据摘录

Financials - India: India conf takeaways – Resilient trends with emerging headwinds

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Financials - India

India conf takeaways – Resilient trends

with emerging headwinds

Industry Overview

West Asia impact minimal so far; NIM pressure ahead 04 June 2026

Banks and NBFCs are yet to see any material impact from the West Asia crisis on Equity

growth or AQ, though the tone has turned incrementally cautious across MSME, business India

banking and CV. Lenders with higher rural exposure remain watchful of monsoons. Financial Services

Funding conditions have tightened with higher bond yields and expected rate hikes in Madhur Sharma >>

2H, implying continued NIM pressure in near term. Prefer ICICI, HDFC, SBI and Au on Research Analyst

relatively better growth, NIM benefits and superior asset quality. BofAS+91 22India6632 8945

madhur.sharma2@bofa.com

Banks – Resilient growth, funding pressure, stable AQ Pujita Pasumarthi >>

Loan growth – Strong growth momentum but slightly cautious outlook – Banks ResearchBofAS IndiaAnalyst

are seeing strong growth in corporate/SME led by better utilization of working capital. In +91 22 6632 3058

pujita.pasumarthi@bofa.com

retail, CV is seeing some weakness but healthy growth in other secured retail (mortgage,

gold loans). Sequential recovery in personal loans, MFI (will mostly guaranteed under

CGFMU), recovery in credit cards is likely to be softer. AQ – Asset Quality

NIMs – funding cost presume in near term; upside from rate hike – Funding AMC – Asset Management Company

AUM – Assets Under Managementenvironment has tightened with CD rates up 150bps vs Dec, bulk deposits up 50-70bps

CD – Certificate of Depositand some uptick in retail TD rate. Elevated cost of funds and better demand are partially