![]() ![]() GDP grew 7.8% in the April-to-June quarter, and the Reserve Bank of India expects the economy to expand 6.5% in the current fiscal year to March 31, 2024, as " available high frequency indicators suggest continuation of this momentum," RBI Governor Shaktikanta Das said Nov. India remains the world's fastest-growing major economy. ![]() Absolute profits increased for most banks in the fiscal second quarter, driven by continued growth. Overall, the banking sector "is expected to see a compression of 10-20 basis points in net interest margins" in the financial year ending March 31, 2024, Ajit Velonie, senior director at CRISIL Ratings, told S&P Global Market Intelligence in an email. Now, the central bank has hit pause and deposit rates have had time to catch up with lending rates. Indian banks were initially able to quickly pass higher interest rates to their customers. Net interest margins (NIMs), a key growth driver for earnings in recent quarters, have plateaued. Sequentially, however, earnings were flat. The biggest lenders in the South Asian nation reported year-over-year gains in their net incomes in the July-to-September quarter. Indian banks' profits are leveling off as credit growth eases and margins plateau amid rising deposit costs. ![]()
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