Loan growth rate dropped to 6 percent in the September quarter, at the earlier level

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New delhi date. November 13, Wednesday

The second quarter of the current fiscal year continues to be difficult for the financial sector of the country, with the loan growth rate falling to 5%, which is the previous level of notation. Non-banking finance companies (NBFCs) reported a 6 percent decline annually in the September quarter, while lending to banks declined by 5 percent, according to a brokerage firm's report.

Credit for both private and public sector banks has declined. The credit growth of private banks, which stood at twenty-two percent in the September quarter of last year, has fallen to 5 percent this year. Credit growth of public sector banks, which was 5% in the first quarter of the current financial year, fell to 5% in the September quarter.

Loans growth of NBFCs and Housing Finance Company (HFC), which stood at 7% in the September quarter of last year, declined to 7% in the September quarter of the current year.

Thus, the overall loan growth rate has dropped to 5% on an annual basis, which was more than 5% in the fourth quarter of fiscal year 1 and in the second quarter of fiscal year 1, it was 5%.

The rate of loan growth indicates that the performance of private banks has been steady and their net interest income growth rate has been 5% annually, the report added.

The margins for private and public sector banks have improved in the September quarter. The margins are increasing as the rate of new NPAs slows down and the cost of obtaining funds goes down.

Compared to banks, NBFCs are still lacking funds. In the last one year, mutual funds have cut investment in NBFCs by 5% and some NBFCs are not in a position to make money in the long run.

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