A sharp slowdown in credit growth — more than a year after India’s central bank intervened to control “exuberant” retail lending — has dented banking sector earnings, with analysts expecting bad debts and credit costs to rise further this year, aggravated by an economic downturn.
On Wednesday, HDFC Bank — India’s largest private lender by market capitalisation — reported a 17 per cent rise from the previous quarter in funds set aside to cover potential bad loans, while its non-performing assets ratio rose to 1.42 per cent from 1.36 per cent.
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