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http://www.kotaksecurities.com/pdf/indiadaily/indiadaily12032012.pdf
Banks/Financial Institutions
India
Steady decline in loan growth. A combination of high interest rates, slowing
economic activity and weak investment climate due to unclear policy actions has
resulted in a slowdown in loan growth. Loan growth for February 2012 decelerated to
16% yoy from 20% in 1HFY12; we note that even sectors like infrastructure, which
drove loan growth in recent years, are slowing down. Lack of new sanctions in 1HFY12
implies loan growth for FY2012-14E would remain modest at about 15%.
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