FirstRand and IndusInd Bank forecast strong growth for FY2027

Major banking institutions in South Africa and India have issued optimistic growth forecasts for the 2027 financial year.

FirstRand, South Africa’s second-largest bank by assets, projects high single-digit growth in net interest income for FY2027. This outlook is driven by anticipated rising credit demand as inflation slows and interest rates decline. The bank reported a net interest income of $5.20 billion for the year ended June 30 and is planning to sell its UK subsidiary, Aldermore, with a non-binding offer expected by the end of the month.

In India, IndusInd Bank is targeting 16-17% credit growth for FY27. CEO Rajiv Anand indicated that credit growth is expected to become more broad-based, supported by strong demand across the loan book. The bank plans to redirect $3.5 billion in FCNR deposits toward fresh lending over the next two quarters and expects retail segments, including personal and home loans, to accelerate in the second half of the year.