Sectoral Deployment of Credit_July13

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Emkay

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t o r U p d a t e

Emkay Global Financial Services Ltd. 1

Sectoral deployment of credit

Marginal uptick in credit growth; underlying growth still fragile

September 2, 2013

Aalok Shah

[email protected]+91 22 6612 1336

Kashyap Jhaveri

[email protected]

+91-22-66121249

Pradeep Agrawal

[email protected]

+91-22-66121340

Sandeep Jain

[email protected]

+91-22-66121241

Marginal uptick in credit growth; underlying growth, however still fragile

The Reserve Bank of India’s (RBI) sectoral deployment of credit for July 2013 saw a

marginal improvement in non-food credit growth to 14.8% yoy compared with 13.4% inJune 2013. However, on a yoy basis, the growth continues to remain lower vis-a-vis

16.6% in July 2012. July’13, non-food credit growth was predominantly in the nature of

personal loans (+17% yoy) and industries (+15.9% yoy).

We continue to maintain the view that the RBI’s tightening measures, especially at the

shorter end of the curve, and muted investment activities would restrict the credit growth to

12-13% yoy levels for FY14. In our note, Banks Deleveraging – Paying for the Past

Excesses of June 14, 2013, we had highlighted that the banking system as a whole was

working on fairly high leverage. We expect the de-leveraging process to be underway in

the next 2 years, with a reduction of 180-200bps in credit-deposit ratio (CDR) every year.

Segment-wise:

§

Retail loans driven by housing / vehicle loans: With weak corporate creditdemand, banks have increasingly resorted to retail loans, given the secured nature of

lending. As a result, retail loan segment have grown 4.6% YTD as against 1.5 -2.2%

YTD growth in segments of agri, industries and services space. Within the retail loan

segment, growth continues to be dominated by housing (+6.7% YTD) and vehicle

(+5.1% YTD) loans. However, in addition to the ALM mismatch issue, recent

incidences of property price corrections, coupled with the rise in retail NPAs, may

entail managements to re-draw their growth strategies towards the mortgage space.

§ Industrial sector: Our interactions suggest that the uptick in bank credit to the

industrial sector is largely due to sharp surge in money market rates, especially on the

shorter yield curve (3-month CP / 6-month CP / 12-month CP well in excess of 75-

125bps over bank base rate). However, the underlying growth remains weak and is

reflective of the fact that 50% of industries (15 out of 31 industries, ex-power androad), with a 42% share saw growth less than last year. Power and road segments

continue to attract higher flows. Cumulatively, these sectors witnessed credit flows

YTD of Rs526bn, or 44% of overall incremental non-food credit, 1.1x of total industrial

credit. Core industrial sectors such as infrastructure, metals, textiles and all

engineering cumulatively accounted for 62.3% of total industrial credit, and have

reported a higher 18.9% yoy growth in credit in July 2013 vis-à-vis 18.1% yoy for July’

12. Credit to the MSME segment, albeit lower at 12.7% yoy, has improved 3.3% YTD.

Sops from the government viz differential tax regime, higher interest subsidy and

enhanced budgetary support, would help small and medium -sized companies.

§ Agricultural credit grew 2.2% YTD: A favorable monsoon, higher budgetary

allocations, increase in procurement prices for paddy and elections in key states,

including central elections, would ensure steady credit growth for FY14.§ Services sector : As highlighted in our previous note, RBI’s liquidity tightening

measures in July’13 have exerted pressure on money markets rates and in-turn

towards service sector space and segments of NBFC, CRE in particular. Credit to

CRE, NBFC and other services have slowed to 8.6% yoy vs 24% yoy in the

corresponding period of the previous year. Credit to NBFC space grew 5.4% yoy

Outlook

We continue to believe that demand and supply constraints and the precarious capital

position would restrict balance-sheet growth, particularly for PSU banks. RBI measures

towards liquidity tightening will hurt banks that have a short tenure deposit profile /

negative dollar gap, particularly PSU banks and select new private banks. While private

banks have raised their short term deposit rates and also lending rates, PSU banks haverefrained from raising their lending rates. This will have an impact on their margins.

Note: Sources for all tables RBI, Emkay Research # denotes fortnight-over-fortnight



Sectoral deployment of credit Sector Update

Emkay Research September 2, 2013 2

Exhibit 1: Trend in % of industrial sectors reporting growth less than the last year

0

20

40

60

80

100

J u n - 1 0

S e p - 1 0

D e c - 1 0

M a r - 1 1

J u n - 1 1

S e p - 1 1

D e c - 1 1

M a r - 1 2

J u n - 1 2

S e p - 1 2

D e c - 1 2

M a r - 1 3

J u n - 1 3

%

41.2%

Source: RBI, Emkay Research

Exhibit 2: Trend in loan growth % yoy

5.0

10.0

15.0

20.0

25.0

30.0

April May June July August Sept Oct Nov Dec Jan Feb Mar

FY09 FY10 FY11 FY12 FY13 FY14 till date

% Loan growth


Exhibit 3: Trend in deposit growth % yoy

5.0

10.0

15.0

20.0

25.0

30.0

April May June July August Sept Oct Nov Dec Jan Feb Mar

FY09 FY10 FY11 FY12 FY13 FY14 till date

% Deposit growth


Exhibit 4: Industrial credit growth led by Power and road sector

0

10

20

30

40

Jul-11 Jan-12 Jul-12 Jan-13 Jul-13

Non-food Credit Industry - Power - Road

%


Exhibit 5: Housing loans grew 18% yoy vs 14.8% growth in non-food

5

10

15

20

25

Jul-11 Jan-12 Jul-12 Jan-13 Jul-13

Non-food Credit Personal Loans - Housing loan

%






Exhibit 6: Sectoral deployment of non-food credit (Rs bn)

Rs bn Jul-13 Jun-13 May-13 Apr-13 Mar-13 Feb-13 Jan-13 Dec-12 Nov-12 Oct-12 Sep-12 Aug-12 Jul-12

Non-food Credit 49,894 49,918 49,447 48,884 48,696 46,858 46,297 46,231 45,552 44,320 43,992 43,563 43,458

Agri. & Allied Activities 6,027 6,051 6,034 6,011 5,899 5,603 5,580 5,590 5,495 5,351 5,262 5,273 5,453

Industry (MSME & large) 22,774 22,820 22,593 22,390 22,302 21,592 21,309 21,140 20,853 20,264 20,134 19,856 19,650

Micro & Small 2,910 2,928 2,865 2,943 2,843 2,811 2,732 2,717 2,685 2,595 2,600 2,601 2,418

Medium 1,318 1,321 1,335 1,248 1,247 1,832 1,960 2,019 2,031 1,984 1,968 1,978 1,333

Large 18,546 18,572 18,393 18,198 18,211 16,949 16,617 16,405 16,137 15,685 15,566 15,277 15,899

Services 11,671 11,699 11,547 11,359 11,486 10,957 10,739 10,858 10,625 10,368 10,408 10,314 10,301

Transport Operators 816 829 816 815 796 723 724 730 790 791 777 792 791

Computer Software 175 178 177 169 169 167 161 161 164 151 149 147 147

Tourism, Hotels & Rest. 368 362 361 354 354 351 360 351 342 341 344 342 337

Shipping 88 86 87 83 82 76 77 80 81 81 80 76 74

Professional Services 612 607 597 596 564 537 543 527 511 503 486 492 498

Trade 2,803 2,818 2,836 2,784 2,760 2,680 2,575 2,558 2,538 2,441 2,354 2,314 2,314

Wholesale Trade 1,478 1,489 1,523 1,492 1,501 1,481 1,397 1,400 1,389 1,326 1,309 1,290 1,290

Retail Trade 1,325 1,330 1,313 1,292 1,259 1,199 1,178 1,158 1,148 1,115 1,045 1,024 1,024

Commercial Real Estate 1,338 1,339 1,320 1,274 1,261 1,304 1,311 1,308 1,201 1,188 1,158 1,157 1,158

NBFCs 2,565 2,589 2,497 2,570 2,570 2,423 2,444 2,523 2,439 2,371 2,422 2,406 2,434

Other Services 2,906 2,892 2,856 2,714 2,930 2,695 2,544 2,619 2,558 2,505 2,636 2,587 2,548

Personal Loans 9,423 9,348 9,273 9,125 9,009 8,706 8,669 8,643 8,580 8,337 8,188 8,119 8,055

Consumer Durables 92 90 89 86 84 81 80 77 75 72 70 70 69

Housing 4,910 4,849 4,799 4,701 4,600 4,480 4,446 4,408 4,372 4,285 4,213 4,182 4,148

Advances against FDs 581 631 603 601 611 610 605 610 615 586 572 570 496

Adv. against shares etc 31 30 30 30 31 34 34 33 31 30 29 29 28

Credit Card Outstanding 231 230 230 252 249 255 252 248 247 227 230 229 221

Education 566 555 552 548 550 549 547 542 543 537 535 527 520

Vehicle Loans 1,168 1,167 1,167 1,142 1,111 1,127 1,113 1,107 1,093 1,040 1,027 1,019 946

Other Personal Loans 1,844 1,795 1,803 1,764 1,774 1,571 1,592 1,619 1,604 1,561 1,512 1,493 1,627

Priority Sector 16,283 16,105 16,166 15,892 15,398 15,071 14,917 14,886 14,617 13,979 14,105 14,151 14,001

Agri. & Allied Activities 6,027 6,051 6,034 6,011 5,899 5,603 5,580 5,590 5,495 5,351 5,262 5,273 5,453

Micro & Small Enterprises 6,078 6,103 6,031 5,823 5,623 5,517 5,429 5,397 5,262 5,137 5,112 5,099 4,902Manufacturing 2,910 2,928 2,865 2,943 2,843 2,811 2,732 2,717 2,685 2,595 2,600 2,601 2,418

Services 3,168 3,175 2,791 2,880 2,779 2,706 2,697 2,681 2,576 2,541 2,512 2,498 2,483

Housing 2,874 2,866 2,834 2,792 2,672 2,724 2,710 2,678 2,667 2,619 2,585 2,497 2,537

Micro-Credit 168 173 179 172 165 242 238 241 219 218 216 219 146

Education Loans 545 534 531 546 526 524 523 521 523 517 515 507 498

State - sponsored Orgs 1 1 1 1 1 29 29 28 20 20 20 20 1

Weaker Sections 3,037 2,951 2,893 2,890 2,734 2,917 2,856 2,795 2,725 2,696 2,579 2,603 2,410

Export Credit 440 454 451 425 422 443 409 429 401 388 385 390 394






Exhibit 7: Sectoral deployment of non-food credit (% yoy)

% yoy change Jul-13 Jun-13 May-13 Apr-13 Mar-13 Feb-13 Jan-13 Dec-12 Nov-12 Oct-12 Sep-12 Aug-12 Jul-12

Non-food Credit 14.8 13.4 14.9 13.8 13.3 14.4 14.6 14.3 17.6 15.5 15.9 15.8 16.6

Agri. & Allied Activities 10.5 9.9 11.2 10.5 7.7 18.4 19.8 21.4 24.4 22.9 21.3 20.0 17.6

Industry (MSME & large) 15.9 14.1 15.5 15.5 14.9 14.7 15.2 13.8 17.7 15.2 15.6 15.8 18.4

Micro & Small 20.3 21.2 20.6 22.9 20.0 12.8 11.1 10.1 9.7 6.4 7.0 8.5 11.2

Medium -1.1 12.2 7.8 0.9 -5.2 -10.4 -2.8 1.7 3.0 1.1 0.6 2.5 14.6

Large 16.7 13.2 15.4 15.6 15.8 18.7 18.4 16.1 21.4 18.9 19.4 19.2 20.0

Services 13.3 12.1 14.6 11.6 12.7 12.7 12.0 12.3 15.3 13.7 16.5 16.5 14.8

Transport Operators 3.2 6.4 4.5 3.9 4.2 6.0 8.3 8.9 21.5 21.0 19.6 21.8 14.0

Computer Software 19.0 21.0 23.7 16.5 18.1 11.7 7.3 7.1 12.3 8.3 6.2 7.2 6.8

Tourism, Hotels & Rest. 9.3 7.0 9.0 8.7 9.4 12.3 15.7 11.5 13.0 14.5 17.0 17.7 14.2

Shipping 17.5 14.8 14.7 14.7 3.1 -29.6 -23.3 -19.6 -16.1 -18.1 -14.8 -15.4 -2.9

Professional Services 22.9 23.6 24.8 24.3 17.6 -1.6 0.5 -4.9 -4.8 -3.3 -6.7 -4.7 -0.7

Trade 21.1 19.3 23.9 23.3 22.4 23.5 20.5 20.4 23.3 21.2 24.1 24.3 26.9

Wholesale Trade 14.6 12.2 20.7 21.2 24.5 18.9 15.0 16.4 21.1 20.4 25.4 32.4 45.2

Retail Trade 29.4 28.3 27.8 25.7 20.0 29.7 27.8 25.6 26.1 22.2 22.5 15.5 9.6

Commercial Real Estate 15.6 15.4 14.0 11.5 11.9 10.5 12.9 12.6 5.3 3.9 3.9 3.6 5.1

NBFCs 5.4 1.9 2.8 5.2 12.6 16.6 21.6 19.3 30.3 27.9 31.8 37.6 35.4

Other Services 14.1 13.9 19.4 7.3 7.1 7.8 1.2 5.7 6.1 4.4 10.4 6.0 0.1

Personal Loans 17.0 15.6 16.3 14.8 14.0 13.5 13.5 13.7 16.3 14.1 12.6 14.4 13.7

Consumer Durables 33.8 21.0 22.0 19.9 17.5 -6.7 -7.5 -36.1 -7.8 -16.5 -17.0 -17.1 12.0

Housing 18.4 17.0 17.1 15.1 14.0 13.5 12.3 12.5 13.2 12.1 11.2 14.8 11.4

Advances against FDs 17.2 20.6 15.1 9.0 7.1 8.3 6.9 13.7 13.9 4.2 2.3 4.6 -4.7

Adv. against shares etc 12.5 8.0 3.7 -4.3 3.6 -7.7 -7.1 -35.6 -15.5 -6.8 -9.2 -11.6 7.4

Credit Card Outstanding 4.4 6.9 9.6 20.1 21.9 23.7 24.3 27.1 25.7 17.0 21.8 20.6 19.1

Education 8.9 9.1 10.2 9.6 9.8 9.5 10.4 10.1 10.6 9.7 10.6 10.7 12.4

Vehicle Loans 23.4 24.2 27.6 26.6 24.5 20.9 21.0 22.2 25.8 22.2 22.2 21.1 23.1

Other Personal Loans 13.3 8.7 11.0 10.4 11.1 12.2 16.3 17.1 23.0 22.8 16.6 15.9 21.8

Priority Sector 16.3 14.7 16.3 13.2 8.2 14.6 15.0 14.4 15.3 10.8 12.1 16.1 10.9


Micro & Small Enterprises 24.0 23.6 22.7 17.9 12.5 12.9 13.7 11.9 11.1 8.4 8.4 8.7 10.2Manufacturing 20.3 21.2 20.6 22.9 20.0 12.8 11.1 10.1 9.7 6.4 7.0 8.5 11.2

Services 27.6 25.9 27.1 13.2 5.8 13.0 16.4 13.7 12.6 10.5 9.8 9.0 9.2

Housing 13.3 12.2 11.4 9.2 0.3 6.5 6.9 6.4 7.5 6.0 4.0 5.6 2.9

Micro-Credit 15.0 13.7 13.7 5.6 3.0 15.5 17.3 14.8 -13.6 -11.4 -4.0 -7.1 -10.1

Education Loans 9.4 9.5 10.8 13.9 9.2 8.3 8.0 8.0 8.9 7.4 8.0 8.3 9.9

State - sponsored Orgs -7.3 -10.1 25.0 -14.2 -30.7 7.4 3.6 3.7 18.5 18.6 17.9 18.4 73.4

Weaker Sections 26.0 23.6 22.1 20.8 17.1 20.7 30.6 20.2 29.0 28.1 24.5 31.7 35.1

Export Credit 11.6 16.0 22.1 14.3 12.0 40.2 15.6 6.2 -1.8 -5.5 -5.5 6.1 19.1






Exhibit 8: Sectoral deployment of non-food credit (% YTD)

% growth YTD Jul-13 Jun-13 May-13 Apr-13 Mar-13 Feb-13 Jan-13 Dec-12 Nov-12 Oct-12 Sep-12 Aug-12 Jul-12

Non-food Credit 2.5 2.5 1.5 0.4 13.3 9.0 7.7 7.6 6.0 3.1 2.4 1.4 1.1

Agri. & Allied Activities 2.2 2.6 2.3 1.9 7.7 2.3 1.9 2.1 0.3 -2.3 -3.9 -3.7 -0.4


Micro & Small 2.3 3.0 0.7 3.5 20.0 18.6 15.3 14.7 13.3 9.5 9.7 9.8 2.1

Medium 5.7 5.9 7.1 0.1 -5.2 39.2 49.0 53.5 54.4 50.8 49.6 50.4 1.3

Large 1.8 2.0 1.0 -0.1 15.8 7.8 5.7 4.3 2.6 -0.2 -1.0 -2.8 1.1

Services 1.6 1.9 0.5 -1.1 12.7 7.5 5.4 6.6 4.3 1.8 2.2 1.2 1.1

Transport Operators 2.5 4.1 2.5 2.3 4.2 -5.4 -5.2 -4.4 3.5 3.6 1.7 3.7 3.5

Computer Software 3.6 5.2 4.8 -0.2 18.1 16.9 12.6 12.6 14.6 5.7 4.1 2.7 2.8

Tourism, Hotels & Rest. 3.9 2.1 1.8 -0.1 9.4 8.5 11.2 8.5 5.6 5.4 6.3 5.7 4.0

Shipping 6.5 4.4 5.8 1.4 3.1 -4.3 -3.2 0.5 2.1 1.2 0.3 -4.6 -6.5

Professional Services 8.5 7.5 5.7 5.6 17.6 12.0 13.1 9.9 6.5 4.8 1.4 2.6 3.8Trade 1.6 2.1 2.8 0.9 22.4 18.9 14.2 13.5 12.6 8.3 4.4 2.7 2.6

Wholesale Trade -1.6 -0.8 1.5 -0.6 24.5 22.8 15.9 16.1 15.3 10.0 8.6 7.0 7.0

Retail Trade 5.3 5.6 4.4 2.7 20.0 14.3 12.3 10.4 9.5 6.3 -0.3 -2.3 -2.4


NBFCs -0.2 0.8 -2.8 0.0 12.6 6.2 7.2 10.6 6.9 4.0 6.2 5.5 6.7

Other Services -0.8 -1.3 -2.5 -7.4 7.1 -1.5 -7.0 -4.3 -6.5 -8.4 -3.6 -5.4 -6.8

Personal Loans 4.6 3.8 2.9 1.3 14.0 10.2 9.7 9.4 8.6 5.5 3.7 2.8 2.0

Consumer Durables 10.0 7.9 5.9 2.0 17.5 13.7 11.9 7.9 5.6 1.0 -1.2 -1.5 -3.4

Housing 6.7 5.4 4.3 2.2 14.0 11.1 10.2 9.3 8.4 6.2 4.5 3.7 2.8

Advances against FDs -4.9 3.3 -1.4 -1.6 7.1 6.9 6.1 7.0 7.8 2.7 0.2 -0.1 -13.1

Adv. against shares etc -0.4 -3.5 -2.9 -3.0 3.6 13.5 12.9 8.7 1.7 0.5 -3.2 -2.0 -8.3

Credit Card Outstanding -7.1 -7.8 -7.5 1.3 21.9 24.7 23.5 21.2 20.6 11.1 12.7 12.0 8.4

Education 3.0 1.1 0.4 -0.3 9.8 9.6 9.2 8.2 8.4 7.3 6.8 5.3 3.8

Vehicle Loans 5.1 5.1 5.1 2.8 24.5 26.2 24.7 24.0 22.5 16.5 15.0 14.2 6.1

Other Personal Loans 4.0 1.2 1.6 -0.5 11.1 -1.6 -0.3 1.4 0.4 -2.3 -5.3 -6.5 1.9

Priority Sector 5.7 4.6 5.0 3.2 8.2 5.9 4.8 4.6 2.7 -1.7 -0.9 -0.5 -1.6

Agri. & Allied Activities 2.2 2.6 2.3 1.9 7.7 2.3 1.9 2.1 0.3 -2.3 -3.9 -3.7 -0.4

Micro & Small Enterprises 8.1 8.5 7.3 3.6 12.5 10.4 8.7 8.0 5.3 2.8 2.3 2.1 -1.9

Manufacturing 2.3 3.0 0.7 3.5 20.0 18.6 15.3 14.7 13.3 9.5 9.7 9.8 2.1

Services 14.0 14.2 0.4 3.6 5.8 3.0 2.7 2.1 -1.9 -3.3 -4.4 -4.9 -5.4

Housing 7.5 7.2 6.0 4.5 0.3 2.2 1.7 0.5 0.1 -1.7 -3.0 -6.3 -4.8

Micro-Credit 1.5 4.6 8.3 4.0 3.0 51.1 48.8 50.4 36.6 36.0 34.6 36.5 -9.1

Education Loans 3.5 1.5 0.9 3.8 9.2 8.8 8.4 8.2 8.5 7.3 6.8 5.1 3.3

State - sponsored Orgs 2.4 0.0 0.8 -2.4 -30.7 1,520.1 1,520.1 1,464.2 1,035.2 1,006.7 1,006.7 1,016.8 -23.5

Weaker Sections 11.1 7.9 5.8 5.7 17.1 25.0 22.3 19.8 16.8 15.5 10.5 11.5 3.3

Export Credit 4.1 7.6 6.8 0.7 12.0 17.5 8.6 13.8 6.5 3.1 2.1 3.5 4.5






Exhibit 9: Sectoral deployment of non-food credit (% of total)

As % of total Jul-13 Jun-13 May-13 Apr-13 Mar-13 Feb-13 Jan-13 Dec-12 Nov-12 Oct-12 Sep-12 Aug-12 Jul-12

Non-food Credit 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0



Micro & Small 5.8 5.9 5.8 6.0 5.8 6.0 5.9 5.9 5.9 5.9 5.9 6.0 5.6

Medium 2.6 2.6 2.7 2.6 2.6 3.9 4.2 4.4 4.5 4.5 4.5 4.5 3.1

Large 37.2 37.2 37.2 37.2 37.4 36.2 35.9 35.5 35.4 35.4 35.4 35.1 36.6

Services 23.4 23.4 23.4 23.2 23.6 23.4 23.2 23.5 23.3 23.4 23.7 23.7 23.7

Transport Operators 1.6 1.7 1.7 1.7 1.6 1.5 1.6 1.6 1.7 1.8 1.8 1.8 1.8

Computer Software 0.4 0.4 0.4 0.3 0.3 0.4 0.3 0.3 0.4 0.3 0.3 0.3 0.3

Tourism, Hotels & Rest. 0.7 0.7 0.7 0.7 0.7 0.7 0.8 0.8 0.8 0.8 0.8 0.8 0.8

Shipping 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2

Professional Services 1.2 1.2 1.2 1.2 1.2 1.1 1.2 1.1 1.1 1.1 1.1 1.1 1.1Trade 5.6 5.6 5.7 5.7 5.7 5.7 5.6 5.5 5.6 5.5 5.4 5.3 5.3

Wholesale Trade 3.0 3.0 3.1 3.1 3.1 3.2 3.0 3.0 3.1 3.0 3.0 3.0 3.0

Retail Trade 2.7 2.7 2.7 2.6 2.6 2.6 2.5 2.5 2.5 2.5 2.4 2.4 2.4


NBFCs 5.1 5.2 5.0 5.3 5.3 5.2 5.3 5.5 5.4 5.4 5.5 5.5 5.6

Other Services 5.8 5.8 5.8 5.6 6.0 5.8 5.5 5.7 5.6 5.7 6.0 5.9 5.9

Personal Loans 18.9 18.7 18.8 18.7 18.5 18.6 18.7 18.7 18.8 18.8 18.6 18.6 18.5

Consumer Durables 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2

Housing 9.8 9.7 9.7 9.6 9.4 9.6 9.6 9.5 9.6 9.7 9.6 9.6 9.5

Advances against FDs 1.2 1.3 1.2 1.2 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.1

Adv. against shares etc 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1

Credit Card Outstanding 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5

Education 1.1 1.1 1.1 1.1 1.1 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2

Vehicle Loans 2.3 2.3 2.4 2.3 2.3 2.4 2.4 2.4 2.4 2.3 2.3 2.3 2.2

Other Personal Loans 3.7 3.6 3.6 3.6 3.6 3.4 3.4 3.5 3.5 3.5 3.4 3.4 3.7

Priority Sector 32.6 32.3 32.7 32.5 31.6 32.2 32.2 32.2 32.1 31.5 32.1 32.5 32.2


Micro & Small Enterprises 12.2 12.2 12.2 11.9 11.5 11.8 11.7 11.7 11.6 11.6 11.6 11.7 11.3

Manufacturing 5.8 5.9 5.8 6.0 5.8 6.0 5.9 5.9 5.9 5.9 5.9 6.0 5.6

Services 6.4 6.4 5.6 5.9 5.7 5.8 5.8 5.8 5.7 5.7 5.7 5.7 5.7

Housing 5.8 5.7 5.7 5.7 5.5 5.8 5.9 5.8 5.9 5.9 5.9 5.7 5.8

Micro-Credit 0.3 0.3 0.4 0.4 0.3 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.3

Education Loans 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.2 1.2 1.2 1.1

State - sponsored Orgs 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0

Weaker Sections 6.1 5.9 5.8 5.9 5.6 6.2 6.2 6.0 6.0 6.1 5.9 6.0 5.5

Export Credit 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9






Exhibit 10: Industry wise deployment of credit (Rs bn)

Rs bn Jul-13 Jun-13 May-13 Apr-13 Mar-13 Feb-13 Jan-13 Dec-12 Nov-12 Oct-12 Sep-12 Aug-12 Jul-12

Mining & Quarrying (including Coal) 320 312 316 327 346 391 398 406 396 378 360 376 332

Food Processing 1,232 1,246 1,244 1,230 1,174 1,142 1,117 1,099 1,071 1,021 1,023 999 909

Sugar 322 339 345 343 330 293 281 267 266 274 278 283 283

Edible Oils & Vanaspati 190 182 178 175 171 162 159 161 154 99 95 88 123

Tea 29 27 26 26 26 27 26 26 30 29 27 24 22

Others 690 697 695 686 648 661 651 645 621 619 623 604 481

Beverage & Tobacco 156 159 153 162 165 168 168 165 163 158 155 151 147

Textiles 1,834 1,852 1,845 1,857 1,835 1,697 1,669 1,654 1,622 1,592 1,578 1,561 1,601

Cotton Textiles 912 922 916 935 925 852 836 830 818 808 805 809 822

Jute Textiles 21 22 23 23 22 18 18 18 18 17 17 16 16

Man-Made Textiles 192 192 190 191 189 121 120 118 114 111 112 103 157

Other Textiles 709 715 716 708 699 706 694 689 673 656 645 634 606Leather & Leather Products 90 90 89 87 87 82 84 86 83 81 81 82 83

Wood & Wood Products 81 81 79 79 77 79 78 77 75 72 71 72 66

Paper & Paper Products 300 296 297 294 283 289 286 284 288 282 283 276 258

Petroleum, Coal Products & Nuclear Fuels 535 566 523 534 643 699 656 698 673 592 650 597 518

Chemicals & Chemical Products 1,445 1,480 1,446 1,533 1,592 1,277 1,253 1,246 1,214 1,179 1,177 1,149 1,191

Fertiliser 215 225 275 273 269 212 201 192 179 173 166 162 121

Drugs & Pharmaceuticals 519 529 501 503 495 478 482 488 484 470 468 460 457

Petro Chemicals 319 337 289 371 441 176 163 161 151 148 153 153 281

Others 393 390 381 385 387 411 406 406 400 388 391 375 331

Rubber, Plastic & their Products 313 317 317 317 312 301 298 303 302 301 300 296 292

Glass & Glassware 71 71 72 74 74 66 65 65 65 65 64 64 67

Cement & Cement Products 481 468 460 457 459 444 435 432 425 405 395 380 373

Basic Metal & Metal Product 3,191 3,219 3,176 3,149 3,141 3,007 2,965 2,964 2,971 2,853 2,729 2,692 2,657

Iron & Steel 2,443 2,459 2,411 2,394 2,366 2,250 2,220 2,230 2,221 2,115 2,071 2,045 2,011

Other Metal & Metal Product 747 760 765 755 775 757 745 735 749 738 658 647 646

All Engineering 1,319 1,335 1,308 1,304 1,284 1,294 1,279 1,246 1,241 1,226 1,230 1,235 1,231

Electronics 308 306 301 307 334 364 364 330 326 328 320 317 275

Others 1,011 1,029 1,008 997 950 930 915 916 914 899 910 918 956

Vehicles, Vehicle Parts & Transport Equipment 603 608 598 586 589 613 595 589 586 597 601 600 575Gems & Jewellery 692 686 682 630 611 584 577 573 551 542 541 526 524

Construction 536 538 543 532 522 619 602 572 561 566 595 590 507

Infrastructure 7,840 7,727 7,722 7,595 7,297 7,250 7,162 6,925 6,887 6,586 6,501 6,445 6,438

Power 4,552 4,439 4,416 4,353 4,158 4,140 4,072 3,874 3,786 3,576 3,607 3,554 3,470

Telecommunications 897 910 936 910 878 919 920 930 929 894 869 883 933

Roads 1,445 1,408 1,389 1,343 1,313 1,327 1,302 1,265 1,270 1,252 1,233 1,210 1,173

Other Infrastructure 945 970 981 989 948 865 869 855 903 864 791 798 861

Other Industries 1,736 1,768 1,721 1,646 1,810 1,588 1,624 1,758 1,679 1,768 1,800 1,766 1,881

Total 22,774 22,820 22,593 22,390 22,302 21,592 21,309 21,140 20,853 20,264 20,134 19,856 19,650






Exhibit 11: Industry wise deployment of credit (% yoy)

% yoy change Jul-13 Jun-13 May-13 Apr-13 Mar-13 Feb-13 Jan-13 Dec-12 Nov-12 Oct-12 Sep-12 Aug-12 Jul-12

Mining & Quarrying (including Coal) -3.7 -6.9 -3.9 -0.2 6.8 29.7 32.4 37.6 41.8 34.5 30.7 38.0 23.4

Food Processing 35.5 34.2 33.5 33.0 24.7 17.5 18.4 19.1 25.0 19.9 19.6 16.5 18.4

Sugar 13.8 13.8 9.1 7.1 4.4 -2.4 2.1 2.9 12.8 10.2 12.2 12.3 15.3

Edible Oils & Vanaspati 54.3 46.0 38.1 33.3 28.8 21.2 17.1 13.2 22.8 -18.6 -21.7 -31.2 4.8

Tea 34.0 22.5 21.0 24.5 29.7 20.2 16.9 8.6 28.3 24.7 14.1 3.0 13.7

Others 43.5 44.4 49.5 51.6 36.8 28.0 27.6 29.7 31.4 35.0 34.7 33.1 24.7

Beverage & Tobacco 6.3 8.6 2.5 7.7 9.7 28.6 24.0 19.4 19.1 13.2 13.8 14.3 2.0

Textiles 14.5 14.6 15.5 16.5 15.1 8.9 8.0 7.7 9.5 8.1 8.4 7.5 12.6

Cotton Textiles 10.9 11.0 11.3 12.9 10.2 6.7 5.7 7.4 9.3 8.7 9.2 8.7 10.0

Jute Textiles 25.1 30.0 27.8 30.2 57.5 30.6 28.8 27.0 29.5 25.8 12.5 17.2 18.2

Man-Made Textiles 22.9 21.6 20.5 19.6 18.8 9.2 9.0 -1.4 9.7 7.3 7.1 -4.9 5.6

Other Textiles 17.0 17.3 19.5 20.3 20.1 11.1 10.3 9.3 9.3 7.2 7.7 8.0 18.4Leather & Leather Products 7.8 10.1 12.5 9.1 13.6 14.0 11.7 9.9 9.7 8.1 2.9 7.2 6.2

Wood & Wood Products 21.8 21.8 25.5 26.7 24.8 27.4 25.8 24.3 22.1 20.4 17.7 20.3 19.5

Paper & Paper Products 16.2 14.9 17.0 18.2 13.2 17.3 17.2 14.6 20.7 19.3 20.8 20.3 14.1

Petroleum, Coal Products & Nuclear Fuels 3.4 -8.7 -3.5 -6.5 5.1 23.9 11.0 5.0 13.9 -3.8 1.5 -3.0 16.8

Chemicals & Chemical Products 21.3 16.7 15.2 22.7 25.4 22.0 22.0 19.2 22.0 20.3 21.8 21.4 11.6

Fertiliser 77.4 64.5 91.0 76.7 70.6 51.1 71.8 63.3 85.5 92.9 88.8 98.2 14.3

Drugs & Pharmaceuticals 13.4 14.8 9.4 11.3 7.6 5.3 6.1 5.7 8.4 6.3 7.7 5.1 10.8

Petro Chemicals 13.4 0.1 -12.8 14.3 32.6 17.4 12.4 7.0 8.8 6.8 13.9 20.0 13.4

Others 18.6 16.3 18.6 21.4 21.2 35.9 31.0 28.4 27.6 25.3 25.9 24.7 10.4

Rubber, Plastic & their Products 7.4 6.1 7.3 6.6 4.4 19.8 23.3 22.7 22.5 19.7 22.0 23.4 8.4

Glass & Glassware 6.6 6.1 11.4 17.5 18.8 10.3 12.7 9.0 15.3 14.9 13.8 25.7 24.3

Cement & Cement Products 28.8 24.2 24.0 23.4 24.2 21.6 21.4 18.2 25.0 20.9 20.1 17.8 15.8

Basic Metal & Metal Product 20.1 20.8 20.1 20.0 20.0 20.5 20.2 19.7 25.3 22.4 18.6 16.4 18.7

Iron & Steel 21.5 22.4 22.7 22.5 20.8 19.7 18.7 18.7 23.2 19.7 18.8 16.0 17.7

Other Metal & Metal Product 15.8 16.0 12.7 12.5 17.6 22.7 25.0 22.6 31.8 31.0 18.0 17.9 21.9

All Engineering 7.2 14.6 15.8 14.7 13.7 17.1 19.2 14.8 20.5 18.6 21.0 24.6 28.1

Electronics 11.9 12.1 9.6 8.7 16.4 16.0 17.8 5.7 13.9 14.5 11.5 12.7 12.9

Others 5.8 15.4 17.8 16.7 12.7 17.5 19.7 18.5 23.0 20.2 24.7 29.3 33.2

Vehicles, Vehicle Parts & Transport Equipment 4.9 8.5 9.7 10.5 13.7 18.1 15.0 11.3 15.4 19.6 20.0 22.6 18.0

Gems & Jewellery 32.1 27.9 30.6 20.8 19.1 19.2 19.3 18.6 20.0 14.8 15.6 16.5 21.0

Construction 5.6 9.5 10.8 8.6 7.3 8.8 9.0 5.1 7.0 7.8 16.7 20.3 23.6

Infrastructure 21.8 19.1 21.0 21.0 15.8 19.6 19.1 16.0 18.7 14.9 15.1 15.1 17.5

Power 31.2 29.8 32.6 32.3 25.7 29.8 28.4 22.8 23.5 18.4 19.9 19.1 20.6

Telecommunications -3.9 -6.8 -5.9 -4.6 -6.6 0.0 -0.3 2.3 0.9 -3.4 -3.4 -2.3 6.2

Roads 23.2 21.5 23.3 21.2 18.4 17.5 18.7 16.0 19.5 18.9 19.1 17.6 20.8

Other Infrastructure 9.8 4.1 5.6 7.1 0.7 4.8 5.6 5.2 20.1 18.2 11.9 17.1 14.7

Other Industries -7.7 -13.2 -10.1 -11.9 0.7 -18.3 -10.7 -4.2 1.1 7.1 9.7 13.4 28.4

Total 15.9 14.1 15.5 15.5 15.1 14.7 15.2 13.8 17.7 15.2 15.6 15.8 18.4






Exhibit 12: Industry wise deployment of credit (% YTD)

% growth YTD Jul-13 Jun-13 May-13 Apr-13 Mar -13 Feb-13 Jan-13 Dec-12 Nov-12 Oct-12 Sep-12 Aug-12 Jul-12

Mining & Quarrying (including Coal) -7.6 -10.0 -8.8 -5.7 6.8 20.4 22.7 25.2 22.0 16.4 10.8 15.8 2.5

Food Processing 4.9 6.1 6.0 4.8 24.7 21.3 18.6 16.7 13.8 8.4 8.6 6.1 -3.4

Sugar -2.2 2.9 4.6 4.1 4.4 -7.3 -10.9 -15.4 -15.7 -13.3 -12.1 -10.4 -10.3

Edible Oils & Vanaspati 11.6 6.7 4.4 2.5 28.8 22.3 19.8 21.3 16.6 -25.4 -28.0 -33.2 -6.8

Tea 14.0 5.2 0.7 -0.5 29.7 34.3 31.5 31.4 50.0 46.4 33.4 19.7 10.3

Others 6.5 7.7 7.3 6.0 36.8 39.6 37.4 36.2 31.1 30.8 31.6 27.5 1.5

Beverage & Tobacco -5.3 -3.5 -7.1 -1.9 9.7 11.7 11.3 9.6 8.3 4.8 2.8 0.5 -2.3

Textiles -0.1 0.9 0.5 1.2 15.1 6.4 4.7 3.8 1.7 -0.2 -1.0 -2.1 0.4

Cotton Textiles -1.4 -0.3 -0.9 1.1 10.2 1.5 -0.3 -1.1 -2.6 -3.8 -4.1 -3.6 -2.0

Jute Textiles -6.2 1.0 4.3 4.9 57.5 29.3 30.1 31.2 28.1 24.8 19.5 14.6 18.1

Man-Made Textiles 1.7 1.5 0.4 1.0 18.8 -23.8 -24.7 -26.1 -28.5 -30.2 -29.9 -35.3 -1.7Other Textiles 1.3 2.3 2.4 1.2 20.1 21.2 19.3 18.3 15.6 12.6 10.8 8.9 4.1

Leather & Leather Products 3.6 4.3 2.6 -0.3 13.6 8.0 9.8 12.1 9.1 6.3 5.8 7.0 9.2



Petroleum, Coal Products & Nuclear Fuels -16.8 -12.0 -18.6 -17.0 5.1 14.3 7.2 14.1 10.1 -3.2 6.3 - 2.4 -15.4

Chemicals & Chemical Products -9.3 -7.0 -9.2 - 3.8 25.4 0.6 -1.4 -1.9 -4.4 -7.2 -7.3 -9.5 -6.2

Fertiliser -20.1 -16.5 2.1 1.5 70.6 34.7 27.7 21.7 13.6 9.8 5.5 2.5 -23.2

Drugs & Pharmaceuticals 4.7 6.7 1.2 1.5 7.6 3.7 4.8 5.9 5.0 2.1 1.6 -0.2 -0.7

Petro Chemicals -27.8 -23.6 -34.5 -15.9 32.6 -47.2 -50.9 -51.7 -54.6 -55.5 -54.1 -54.0 -15.5

Others 1.6 0.8 -1.6 -0.3 21.2 29.0 27.2 27.3 25.3 21.5 22.4 17.6 3.8

Rubber, Plastic & their Products 0.3 1.6 1.6 1.5 4.4 0.7 -0.4 1.3 1.1 0.5 0.5 -0.9 -2.5

Glass & Glassware -4.5 -4.4 -3.2 -1.3 18.8 5.1 4.0 3.8 3.1 3.3 2.6 2.8 6.4

Cement & Cement Products 4.8 2.1 0.4 -0.3 24.2 20.3 17.9 17.1 15.1 9.7 7.1 3.0 1.1


Iron & Steel 3.3 3.9 1.9 1.2 20.8 14.9 13.3 13.8 13.4 7.9 5.7 4.4 2.6

Other Metal & Metal Product -3.6 -2.0 -1.3 -2.6 17.6 14.8 13.1 11.5 13.7 12.0 -0.2 -1.9 -2.1

All Engineering 2.7 4.0 1.9 1.5 13.7 14.5 13.2 10.3 9.8 8.5 8.8 9.2 8.9

Electronics

-8.0 -8.4 -10.1 -8.2 16.4 26.6 26.7 14.8 13.6 14.1 11.4 10.4 -4.3

Others 6.5 8.3 6.1 4.9 12.7 10.3 8.6 8.7 8.5 6.6 7.9 8.9 13.4

Vehicles, Vehicle Parts & Transport Equipment 2.5 3.3 1.6 -0.5 13.7 18.4 14.9 13.7 13.2 15.3 16.0 16.0 11.1

Gems & Jewellery 13.2 12.2 11.5 3.1 19.1 13.8 12.3 11.6 7.3 5.6 5.4 2.4 2.1

Construction 2.7 3.2 4.0 2.1 7.3 27.4 23.7 17.6 15.5 16.4 22.4 21.3 4.3

Infrastructure 7.4 5.9 5.8 4.1 15.8 15.1 13.7 9.9 9.3 4.5 3.2 2.3 2.2

Power 9.5 6.7 6.2 4.7 25.7 25.1 23.0 17.1 14.4 8.0 9.0 7.4 4.9

Telecommunications 2.2 3.7 6.7 3.7 -6.6 -2.2 -2.2 -1.0 -1.2 -4.9 -7.5 -6.1 -0.7

Roads 10.1 7.2 5.8 2.3 18.4 19.6 17.3 14.0 14.5 12.9 11.1 9.1 5.8

Other Infrastructure -0.3 2.3 3.5 4.3 0.7 -8.2 -7.7 -9.2 -4.1 -8.2 -15.9 -15.2 -8.5

Other Industries -4.0 -2.3 -4.9 -9.1 0.7 -11.6 -9.6 -2.2 -6.6 -1.7 0.2 -1.8 4.7






Exhibit 13: Industry wise deployment of credit (% of total)

As % of total Jul-13 Jun-13 May-13 Apr-13 Mar-13 Feb-13 Jan-13 Dec-12 Nov-12 Oct-12 Sep-12 Aug-12 Jul-12

Mining & Quarrying (including Coal) 1.4 1.4 1.4 1.5 1.6 1.8 1.9 1.9 1.9 1.9 1.8 1.9 1.7

Food Processing 5.4 5.5 5.5 5.5 5.3 5.3 5.2 5.2 5.1 5.0 5.1 5.0 4.6

Sugar 1.4 1.5 1.5 1.5 1.5 1.4 1.3 1.3 1.3 1.4 1.4 1.4 1.4

Edible Oils & Vanaspati 0.8 0.8 0.8 0.8 0.8 0.7 0.7 0.8 0.7 0.5 0.5 0.4 0.6

Tea 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1

Others 3.0 3.1 3.1 3.1 2.9 3.1 3.1 3.1 3.0 3.1 3.1 3.0 2.4

Beverage & Tobacco 0.7 0.7 0.7 0.7 0.7 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.7

Textiles 8.1 8.1 8.2 8.3 8.2 7.9 7.8 7.8 7.8 7.9 7.8 7.9 8.1

Cotton Textiles 4.0 4.0 4.1 4.2 4.1 3.9 3.9 3.9 3.9 4.0 4.0 4.1 4.2

Jute Textiles 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1

Man-Made Textiles 0.8 0.8 0.8 0.9 0.8 0.6 0.6 0.6 0.5 0.5 0.6 0.5 0.8

Other Textiles 3.1 3.1 3.2 3.2 3.1 3.3 3.3 3.3 3.2 3.2 3.2 3.2 3.1Leather & Leather Products 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4



Petroleum, Coal Products & Nuclear Fuels 2.4 2.5 2.3 2.4 2.9 3.2 3.1 3.3 3.2 2.9 3.2 3.0 2.6

Chemicals & Chemical Products 6.3 6.5 6.4 6.8 7.1 5.9 5.9 5.9 5.8 5.8 5.8 5.8 6.1

Fertiliser 0.9 1.0 1.2 1.2 1.2 1.0 0.9 0.9 0.9 0.9 0.8 0.8 0.6

Drugs & Pharmaceuticals 2.3 2.3 2.2 2.2 2.2 2.2 2.3 2.3 2.3 2.3 2.3 2.3 2.3

Petro Chemicals 1.4 1.5 1.3 1.7 2.0 0.8 0.8 0.8 0.7 0.7 0.8 0.8 1.4

Others 1.7 1.7 1.7 1.7 1.7 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.7

Rubber, Plastic & their Products 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.5 1.5 1.5 1.5 1.5

Glass & Glassware 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3

Cement & Cement Products 2.1 2.1 2.0 2.0 2.1 2.1 2.0 2.0 2.0 2.0 2.0 1.9 1.9


Iron & Steel 10.7 10.8 10.7 10.7 10.6 10.4 10.4 10.5 10.7 10.4 10.3 10.3 10.2

Other Metal & Metal Product 3.3 3.3 3.4 3.4 3.5 3.5 3.5 3.5 3.6 3.6 3.3 3.3 3.3

All Engineering 5.8 5.9 5.8 5.8 5.8 6.0 6.0 5.9 5.9 6.1 6.1 6.2 6.3

Electronics 1.4 1.3 1.3 1.4 1.5 1.7 1.7 1.6 1.6 1.6 1.6 1.6 1.4

Others 4.4 4.5 4.5 4.5 4.3 4.3 4.3 4.3 4.4 4.4 4.5 4.6 4.9

Vehicles, Vehicle Parts & Transport Equipment 2.6 2.7 2.6 2.6 2.6 2.8 2.8 2.8 2.8 2.9 3.0 3.0 2.9

Gems & Jewellery 3.0 3.0 3.0 2.8 2.7 2.7 2.7 2.7 2.6 2.7 2.7 2.6 2.7

Construction 2.4 2.4 2.4 2.4 2.3 2.9 2.8 2.7 2.7 2.8 3.0 3.0 2.6

Infrastructure 34.4 33.9 34.2 33.9 32.7 33.6 33.6 32.8 33.0 32.5 32.3 32.5 32.8

Power 20.0 19.5 19.5 19.4 18.6 19.2 19.1 18.3 18.2 17.6 17.9 17.9 17.7

Telecommunications 3.9 4.0 4.1 4.1 3.9 4.3 4.3 4.4 4.5 4.4 4.3 4.4 4.7

Roads 6.3 6.2 6.1 6.0 5.9 6.1 6.1 6.0 6.1 6.2 6.1 6.1 6.0

Other Infrastructure 4.2 4.3 4.3 4.4 4.3 4.0 4.1 4.0 4.3 4.3 3.9 4.0 4.4

Other Industries 7.6 7.7 7.6 7.4 8.1 7.4 7.6 8.3 8.1 8.7 8.9 8.9 9.6

Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0






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