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Banking provisional business trends indicate sustained momentum

ICICIdirect Research 10 Apr 2026 DISCLAIMER

HDFC Bank: Strong deposit growth outpacing credit expansion has led to an improvement in the CD ratio to ~95.3% (~420 bps QoQ improvement), in-line with management strategy. Continued traction in advance remains in focus, though deposit accretion and CASA balances momentum, going ahead, will remain a key monitorable.
IDFC First Bank: Recent fraud-related incident appears to have weighed on business momentum during the quarter. Slower sequential deposit growth and moderation in CASA ratio may exert pressure on margins.
Axis Bank: Credit growth remained well above system levels, indicating strong underlying business momentum. Healthy sequential deposit accretion broadly keeping pace with advances supports a stable CD ratio trajectory, while strong sequential growth in CASA is likely to provide some cushion to margins.
Kotak Mahindra Bank: Strong deposit growth, particularly in CASA, outpacing credit expansion sequentially supports improvement in funding mix and provides cushion to margins.

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