Credit continues to beat deposit growth, PSU banks proforma numbers show

Bank of India, Indian Bank, Punjab National Bank, the largest in this group, reported deposits of Rs 15.97 lakh crore, up 8.32% from a year earlier, while gross advances grew faster at 10.15% to Rs 11.67 lakh crore. Bank of India and Indian Bank posted double-digit growth in both deposits and advances, with loans rising 15.07% and 14.5%, respectively, compared with deposit growth of 12–13%.According to “Mirroring sectoral trends, credit growth for our coverage universe of 17 banks should pick up to 11.8% Y ...