New Delhi, May 27 -- The Q4 results of the private banks as well as state-run lenders were mixed with net interest margins surprising positively for larger banks, but growth remaining elusive. Banks delivered a credit growth of 11% year-on-year (YoY).

Slower credit growth versus Street expectations was primarily visible amongst the larger private banks, while most mid-sized banks delivered steady in-line growth. Credit growth was mainly driven by the Retail and SME segments, while corporate loans growth was visible mainly amongst PSU Banks. Private banks pointed to intense competitive pricing in the segment, thereby keeping growth muted, according to Axis Securities.

Banks' deposit growth during the quarter was broadly in line with cred...