June Pre-Qtr: Uptick in Loan Growth for Most; Deposit Growth Lags; AQ Stable

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June Pre-Qtr: Uptick in Loan Growth for Most; Deposit Growth Lags; AQ Stable

India | Financials EquityJulyResearch5, 2026

June Pre-Qtr: Uptick in Loan Growth for Most;

Deposit Growth Lags; AQ Stable

We summarize June pre-Qtr for +30 banks & BAF. Loan growth for most

banks improved, while deposit growth lagged, reflecting sector trends.

AQ trends in MFI & commentary of banks indicate stability. HDFCB, IIB,

Bandhan saw better than expected pickup in growth, while Kotak's growth

softened a bit & RBL is slowing deposits given capital infusion. BAF, Axis,

AU, BOB reported stronger growth, but PNB is consolidating.

HDFC Bank: Credit Growth Picks Up; Good Momentum in Deposits. For Jun-Qtr, HDFC Bank's

loan growth improved to 15% YoY (12% in Mar) reflecting sector's uptick & greater retention

(AUM growth is lower at 12%). Deposit mobilisation was also healthy at Rs652bn (+32% YoY)

aiding 15% YoY deposit rise. While bank has lagged sector on loan growth, it has outpaced on

deposit. LDR rose to 97% up ~60bps YoY & ~120bps QoQ. As sector credit growth should taper,

our FY27 loan/ deposit growth ests are 13%/15%. HDFCB is among top picks. See Exhibit 1-4.

Bajaj Finance: Loan Growth Accelerates to 24%. BAF's pre-qtr release for Jun-Qtr shows

an uptick in AUM growth to 24%, the highest in 4-Qtrs (FY27e at 23%). This reflects healthy

core trends and seasonally stronger demand for consumer durable loans. BAF added 5m

new customers, and the customer franchise grew by 17% YoY/ 4% QoQ. A seasonal uptick in

consumer durable loans may also help NIMs. BAF (along with NBFCs) may benefit more from

stronger FCNR-B deposit mobilisation. It stays among top picks. See Exhibit 5.

Axis Bank: Strong loan growth sustains; Deposit growth also improves. Bank reported strong

loan growth of 19% YoY (vs.