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

Commercial banks including a microfinance bank reported steady growth in advances year-on-year in the first quarter ending June 2023 (Q1FY24).

Kolkata-based Bandhan Bank expanded loans and advances by 6.7 percent year on year to Rs 1.03 trillion. However, it has shrunk sequentially by 5.5 percent compared to 1.09 trillion rupees at the end of March 2023.

Mumbai-based RBL Bank’s loans grew by 20 per cent year-on-year to Rs. 74,792 crore at the end of June 2023. Correspondingly, its loans increased by 4 per cent from Rs. 71,857 crore at the end of March 2023.

Jaipur-based microfinance bank AU Small Finance said its loans grew by 29 per cent year-on-year to Rs. 63,635 crore and sequentially by 8.0 per cent over Rs. 59,158 crore in March 2023. Demand for credit remained strong with continued disbursement across product sectors and the bank witnessed She added that an increase in exchange earnings on a quarterly basis.

In terms of deposits, Bandhan Bank reported a growth of 16.6 per cent 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.