Goldman Sees Indian Banks' Profitability Coming Under Pressure [BNN Bloomberg (Canada)]
ICICI Bank Limited (IBN)
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Source: BNN Bloomberg
Goldman Sachs Group Inc. sees increasing headwinds for India's banks, and expects their returns on assets to decline in the coming quarters. Indian banks were in a Goldilocks period over the last couple of years, during which lenders improved their top line and enjoyed a pickup in loan growth, according to Rahul Jain, co-head of Asia Pacific Financials Research at Goldman. That is now over. “We expect their ROAs to start moderating somewhat,” he said in an interview with Haslinda Amin on Bloomberg TV on Tuesday. Jain said banks are facing tighter liquidity conditions and more scrutiny over their unsecured lending. They need to invest in expansion and build up their capacity in order to mobilize more deposits. “Clearly all of this is not very conducive for the top line,” he said, adding that investors will need to be selective when it comes to picking Indian financial stocks. Goldman downgraded ICICI Bank Ltd., State Bank of India, and Yes Bank Ltd. in late February, and has a “
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