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ICRA Forecasts NBFC Credit Growth to Slow to 13-15% in FY25 and FY26
The Business Guardian
|April 25, 2025
The credit growth of the non-banking financial companies (NBFCs) is expected to ease to 13-15 per cent in financial year 2025 (FY25) and FY2026 from the 17 per cent in the previous two fiscals, rating agency ICRA said in a report.
Overall, NBFC credit stood at about Rs 52 trillion in December 2024, and it is set to exceed Rs 60 trillion by FY2026.
The retail assets, which accounted for 58 per cent of the overall NBFC credit in December 2024, have been the key growth drivers, while other wholesale and infrastructure credit expanded at a stable rate of 10-12 per cent during FY2023-FY2025.
The retail assets of NBFCs expanded at a compounded annual growth rate (CAGR) of 23 per cent during FY2023-FY2024, said the report.
The rating agency expects retail assets to grow at a relatively slower 16-18 per cent CAGR during FY2025 and FY2026.
Given the high base created in the post-COVID expansion of this segment and concerns of borrower overleveraging, it has impacted loan quality in some asset segments within this space.
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