Macroeconomic Scenario and Banking Environment
In the year gone by, global economic performance remained subdued, with the worldeconomy in a balancing act.
The US was seen posting a steady recovery with declining unemployment rates, even asEurope and Japan were unable to grow out of their structural weaknesses. On the otherhand, emerging markets tried to put behind them the impact of the previous yearstaper-tantrum, and are currently at different stages of monetary easing.Collapse in oil prices and downturn in the commodity cycle has further clouded theoutlook.
In the midst of the global economic divergence, India witnessed improvement in itsmacroeconomic indicators.
A lower Current Account Deficit (CAD), combined with resurgence of capital inflows, ledto a stable Rupee, which was seen to be the best-performing amongst most globalcurrencies. Foreign Exchange Reserves to the tune of $350 billion have been built by theReserve Bank of India (RBI).
Inflation indices, both Wholesale Price and Consumer Pricedeclined. The Government has committed to further bringing down the revenue and fiscaldeficits, albeit at a slower pace. With private sector Balance Sheets under stress, theUnion Government has laid out a broad spread of capital and infrastructure spending.Arising out of higher proportion of transfers from the Central pool, State Governments areexpected to lend a helping hand at infrastructure creation and create room for fiscalconsolidation.
On the regulatory side, the Reserve Bank of India has reached an Agreement onMonetary Policy Framework with the Government of India, explicitly adopting a targetof 4 per cent Consumer Price Inflation with a band of +/- 2 per cent by January 2016.
RBI has moved to an on tap means for issuing out new licences for banks.Two beneficiaries, Bandhan and IDFC, are expected to enter the industry in the currentfiscal. RBI has also simplified access to international funds for Indian borrowers. Theregulatory framework of Asset Reconstruction Companies (ARCs) has been relaxed to utilizetheir expertise so as to better manage Non-Performing Assets in the banking industry. Someof these measures are expected to provide long-term benefits and address structural issuesplaguing the industry.
Reforms, such as transfer of subsidy through Direct Benefits Transfer and eliminationof unintended beneficiaries, are expected to aid efforts towards cutting down wastefulexpenditure in the economy. Opening up of new sectors to Foreign Direct Investment,boosting ease of doing business, making finance available to the micro and small unitsthrough MUDRA Bank and enacting reforms such as Goods and Services Tax, Real EstateRegulatory Bill and Black Money Bill are expected to diminish the scope ofcash transactions in the economy. As more money is routed through official and formalchannels of finance, the banking industry would benefit by way of enhanced network anddeepening coverage. It may also have to innovate to create products for the beneficiariesof the Jan Dhan Yojana, the hitherto unbanked citizens left out of theofficial financial system, which should also help banks find the proverbial fortune at thebottom of the pyramid.
On the back of easing inflation, subdued economic activity and improving macroeconomicindicators such as Current Account Deficit and Fiscal Deficit, RBI commenced monetaryeasing with two interest rate cuts of 25bps each in Repo & Reverse Repo ratesannounced on January 15, 2015 and March 4, 2015, both being outside the Policy dates.
The Market had already started building the easing expectations from Q3 FY15 andaccordingly the 10-year Government Security (G-sec) yield had fallen from 8.51% onSeptember 30, 2014 to 7.74% on March31, 2015.
RBI in its recent policies has reiterated that its stance will remain accommodative,but it has also highlighted that further easing would be dependent on various factors suchas monsoon (and its impact on food prices), US Fed rate hikes (and its impact on emergingmarkets), and transmission of rate cuts by banks. RBI has also stated that it expects areal rate of 150-200 bps.
With inflation expected to be in 5-6% range by FY16-end, reduction of 25bppa to 50bppain Repo rate towards 7-7.25% is expected during FY16, unless CPI surprises on thedownside. Accordingly, the G-sec yields are expected to remain subdued, with a modestdownward trend, unless the first Fed rate hike gets delayed beyond September 2015 or CPIfalls below RBIs expectation of 5.8% by January 2016.
Banks Performance during 2014-2015
The salient features of the Banks operating performance during the year 2014-15are summarized in the table below:-
| || ||(Rs in crores) || |
| ||2014-15 ||2013-14 ||Y-o-Y Growth |
|Interest Earned ||9,691.97 ||8,253.53 ||17.43% |
|Interest Expended ||6,271.69 ||5,362.82 ||16.95% |
|Net Interest Income ||3,420.28 ||2,890.71 ||18.32% |
|Other Income ||2.403.87 ||1,890.53 ||27.15% |
|Total Operating Income ||5,824.15 ||4,781.24 ||21.81% |
|Operating Expenses excluding Depreciation ||2,599.08 ||2,087.13 ||24.53% |
|Operating Profit before Depreciation and Provisions ||3,225.07 ||2,694.11 ||19.71% |
|Less: Depreciation ||126.85 ||98.15 ||29.24% |
|Less: Provisions & Contingencies ||1,304.50 ||1,187.94 ||9.81% |
|Net Profit ||1,793.72 ||1,408.02 ||27.39% |
Despite the challenging operating environment that prevailed through most part of thefinancial year, the Banks Net Profit, after considering all expenses and Provisionsand Contingencies, rose by 27.39% to Rs 1,793.72 crores, as against Rs 1,408.02 crores inthe previous year. The Operating Profit (before Depreciation and Provisions andContingencies) was higher at Rs 3,225.07 crores as against Rs 2,694.11 crores in theprevious year, a rise of 19.71%.
The Banks Net Interest Income improved by 18.32% to Rs 3,420.28 crores from Rs2,890.71 crores. Yield on Advances dropped by 44 bps to 13.12%, while the Cost of Depositsshowed a drop of 25 bps at 7.92%, leading to a marginal drop in the Net Interest Margin(NIM) at 3.65% during the year, as compared with 3.71% in 2013-14.
Fee and Miscellaneous Income during the year at Rs 2,403.87 crores, as compared to Rs1,890.53 crores previous year, showed a strong growth of 27.15%year-on-year. The increasein Core Fee
Income from revenue streams like Commission, Exchange, Fees on distribution ofthird-party products and earnings from foreign exchange business, etc. was strong at Rs2,086.66 crores as against Rs 1,609.71 crores, registering 29.63% growth.
The Bank expanded its branch network rapidly to reach 801 branches, as against 602 atthe beginning of the year. Revenue per employee during the year remained steady at Rs 30lakhs.
Quality of the Banks assets was stable, with Net Non-Performing Assets (Net NPAs)at 0.31% at March 31, 2015 as against 0.33% the previous year. Provisioning Coverage Ratio(PCR) was steady at 62.61%, as compared with 70.35% in the previous year.
During the year under review, the Bank allotted 40,03,725 shares, pursuant to theexercise of Options under its Employees Stock Option Scheme, 2007.
During 2014-15, the Banks Consumer Banking business showed healthy growth inrevenue, recording a y-o-y rise of 29%, on the back of 44% rise in the Retail Book (Assets+ Liabilities). The Banks strategy of driving growth in Savings Bank depositscontinued to show results, with 42% y-o-y growth driven by the segmented client approachand a growing distribution network.
The Bank enhanced its segment-centric offers in the Current Account product suite. TheIndus Dollar One Current Account offers a discounted trade pricing offering toExporters and Importers, along with the best-in-class banking products and services thatinclude Current Account, Trade & Forex, Salary Account and Retail Forex Services.
The Bank entered into Business Correspondent relationships and other partnerships inthe digital and physical space to augment its own distribution channels so as to acquire,service and engage customers, both in the Financial Inclusion space and in other areas.
The Business Banking Group achieved Assets growth of 35% during the year, with rise of34% in working capital facilities and 41% increase in the Term Loan Book. The LoansAgainst Property book has shown consistent growth, and grew 50% during the year. TheHome Loans distribution tie-up with HDFC Limited is also well established now, with theirproducts being offered by the Bank across all branches in the country. The BusinessLoan product that had been launched in the previous financial year has created ahealthy asset book, with about 1,800 clients on board; spread across the MSME segment.
In its first year of operations, the Agri Business is being offered in 52 branchesacross seven
States. Banks customers can avail of the Indus Kisan and AgriBusiness Loans focused on agricultural traders and processors.
The Bank continued to scale up the Credit Card business by increasing distribution innew cities and introducing new product variants, including the Jet Airways co-branded Cardand Chelsea FC co-branded Card. Distribution of third-party products also saw a healthyincrease.
The Bank focused on key service propositions such as client engagement and operatingprocess management to enhance the quality of delivery of banking products and services.
In line with the theme of "Responsive Innovation", the Bank launched itsVideo Branch, a unique convenience connect with constituents.
The launch of the Video Branch is an element of the Banks Digitization strategy,to help constituents overcome the constraints of physical branch banking and provide thebouquet of banking services in a superior manner and in the comfort of their homes.
The Video Branch is a first-in-the-world offering, and the newest channel in InduslndBank. Customers can download the app from Google Play Store or Apple App store. Customerscan then have a live call with Contact Center agents instantly. Customer also has anoption to schedule a call with his / her Branch Manager / Relationship Manager. Customercan avail of all Contact Centre services, and can also request for 28 different financialtransactions like FD booking, NEFT, RTGS, internal funds transfer, etc.
The Bank launched its first Digital Branch at the Induslnd Rapid Metro Station inGurgaon. The Digital Branch has been aesthetically designed, with stylish and moderninteriors to provide customers a rich and delightful banking experience. The Branch hasthe first interactive Video Branch Machine in India. Its lobby also has a smart table withiPads, on which customers can do a host of banking and non-banking transactions.
The Bank opened 199 new branches as part of the strategy of expanding its bankingnetwork to different locations in the country, and 377 ATMs were set up across keymarkets. Bank has also partnered with WLA operators to setup co-branded ATMs.
KCC - Indus Kisan Term Loans and Overdraft
Retail Agri Business Unit has introduced the KCC - Indus Kisan as a product offeringfor the rural segment. Indus Kisan is basically meant for the farmer for their short-termand long-term credit needs for undertaking Agri and Agri-allied activities. This mainlyhelps farmers for purchase of inputs during the cropping season for their cultivation andother needs.
Loans Against Card Receivables (LACR)
As a step to augment Retail business, the Banks Retail Assets Division hasintroduced a new product named LACR, that provides liquidity to clientsrequiring funds for their business purposes. LACR will be useful to constituents forexpanding, modernizing or improving small / medium scale businesses.
Overdraft Against Demat Shares (OADS)
The Retail Assets Division has expanded the OADS offering to retail customers. Theproduct provides instant liquidity against customers shares (from BanksApproved Security List), while keeping the ownership with the customer.
The Banks Credit Cards business has completed 4 years. Since its purchase fromDeutsche Bank, it has scaled up and grown in distribution and profitability whileremaining focused on the quality of receivables. The focus of the business during the yearwas to take measured steps towards further enhancing distribution through the emergingopportunities in online and digital channels, while penetrating into new non-metrolocations. The Bank also added to its robust product range through Credit Cards offeringstargeted at specific customer segments.
With the objective of further expanding its geographical reach, the business moved intonew cities including Amritsar, Jodhpur, Bhubaneswar and Surat. As part of its strategy touse digital channels for acquisition of new customers, the Bank also tied up with multipleonline channel partners.
With airline travel having reached homes of the Indian consumer, the Bank launched aco-branded Card in strategic partnership with Jet Airways, Indias leadingfull-service airline. The product has been launched in 2 variants: The Odyssey and TheVoyage Cards, both available on the Visa and American Express platforms. The product hasbeen well received and provides customers with an opportunity to earn high-rate JetPrivilege Frequent Flyer" Miles while using the Card for day-to-day expenses.
With the growing interest in football among the Indian youth and the growing fanfollowing of the English Premier League, the Bank also launched the Chelsea Football Card,a proposition attractive to the young earners and aspirational segments. The Card alsoprovides the customers an opportunity to purchase exclusive merchandise, at discounts, onthe Chelsea FC website and partake of hospitality packages to home games.
The Bank also launched the Commercial Cards Business towards meeting the Plasticpayments requirements of commercial and corporate customers. This product marks theBanks foray into facilitating Card solutions for corporate customers and provides,for the first time in India, an integrated and highly customizable expense control systemfor clients.
Customer outstandings have grown 42% and spends by 35%, while controlling risk. TheCredit Bureau continues to play an important role in Risk underwriting, and astute use ofthe Bureau data along with stringent underwriting norms has ensured that the portfoliocontinues to perform well. Multiple portfolio actions have been undertaken during theyear, along with a focus on improving e-Com spends, a high growth area for the future.
The Bank has tie-ups with all the three leading network partners, Master Card, Visa andAmex, and has launched multiple EMI programs to facilitate customer convenience and hasbuilt significant receivables from these initiatives. The Bank is fully compliant onissuance of CHIP and PIN, in line with the requirements of RBI.
The business has focused on product quality and differentiated service delivery, andhas driven client engagement through customer-centric programs founded on Analytics andData-centricity. With growing product sophistication and leverage of new and emergingchannels of distribution, the business is well placed to register robust growth.
The Consumer Finance Division (CFD) extends funding for a wide range of Vehicles /Equipment, which includes Commercial Vehicles, viz., Heavy, Light and Small vehiclesegments used both for goods and passenger applications, Passenger Cars, Utility Vehicles,Two-wheelers, and Construction Equipment such as Excavators, Loaders, Tippers, Cranes,etc.
Finance is extended for both new and used assets in all the above segments. During theyear, the Division launched the funding of Tractors, a major initiative towards PrioritySector Lending.
The year 2014-15 witnessed continued slowdown in the automobile segment, with thesegment witnessing growth of only 7.22%. The Commercial Vehicles segment declined 2.83%,largely due to a decline of 11.57% in sales in the Light Commercial Vehicles segment.Medium and Heavy vehicles segment registered growth of 16.02% over the previous year. ThePassenger Vehicle segment grew by 3.90%, Three-wheelers by 10.80% and Two-wheelers grew by8.09% (Source - SIAM data). Construction segment showed de-growth of 10% (Source -Manufacturer Data).
Aggregate disbursement made during the year was '15,534 crores, registering growth of10%. New loan accounts numbering 9.78 lakh loans were concluded in 2014-15, as against9.26 lakhs in 2013-14. Growth of 6% in fresh loans disbursed was thus healthy, looking tothe slowdown in the vehicle segment.
The focus during the year was on optimizing the product mix to maximize yields, whilemaintaining portfolio quality despite the industry slowdown.
In the new vehicle segment, loans for Medium and Heavy Commercial Vehicles registeredgrowth of 41% to Rs 3,336 crores, which was better than the industry growth. Loans forTwo-wheelers grew by 6%, with disbursement of Rs 2,791 crores. Number of Two-wheeler loansdisbursed grew to 7.05 lakhs, up from 6.79 lakhs. Disbursement in cars grew by 16% to Rs1,816 crores, up from Rs 1,555 crore in 2013-14. Tractor loans disbursed during the yearamounted to Rs 245 crores (6,343 nos.).
This Division also earned Commission income of Rs 26.27 crores, primarily throughdistribution of third-party insurance products of Cholamandam MS General Insurance,strategic partner of the Bank for bancassurance under the General Insurance segment.
The operations of this Division are efficiently supported by document storage andretrieval facility at the Banks Karapakkam Unit (near Chennai), which handlesprocessing of Loan Documents and maintenance of records. This Unit handled 1.8 millionLoan bookings and closure transactions and 24.5 million customer service / accountingtransactions during the year 2014-15.
The Banks Data Centre, also located at Karapakkam, has state-of-the-artfacilities in terms of data / equipment protection mechanisms and is equipped with accessrights with sensors to facilitate monitoring of movement within the Centre. The DataCentre has a backup at the Banks G. N. Chetty Road premises, as part of BusinessContinuity Planning.
During the year, Hand-Held Terminals were deployed pan-India to handle CFDscollection activity, thus enhancing process efficiencies and facilitating real-timecollection monitoring.
Corporate and Commercial Banking Group
Corporate & Investment Banking (C & I) provides Universal Banking Solutions tolarge Indian and multinational corporates. Over the years, this unit has become a bankerto almost all the well-known industrial houses of the country and actively participates intheir short-term and longer-term financing requirements.
The Group has built specialist capabilities in executing structured solutions inthe Trade Finance and Foreign Exchange hedging for its clients.
This has increased penetration in the top corporate groups through a variety offunded and non-funded transactions including trade products, foreign exchange products andInvestment Banking activities.
The group consolidated on its strong reputation as a provider of innovativesolutions to complex funding requirements, with quick turnaround times.
During FY 14-15, this business grew strongly on both Assets and Liabilities. The Groupwas very successful in adding prestigious new-to- bank clients to the portfolio usinginnovative product offerings. Core fees from Trade and Forex grew well, with activeparticipation in working capital and term financing needs.
Public Sector Group
The Group handles relationships with more than 150 Public Sector clients,including Maharatnas and Navratnas.
The Business was successful in securing entry into Consortium financingarrangements of many esteemed Public Sector Units (PSUs). The Group successfully executedseveral E-Procurement mandates from key PSUs, by providing strong technology-basedsolutions.
Investment Banking (IB)
Investment Banking at the Bank has 3 main businesses: Debt Capital Markets(DCM), Advisory (M&A and Private Equity) and Structured & Project Finance. Thispositions the Bank as a partner through the entire life cycle of growth-orientedcorporates.
IB has emerged as a stable provider of large non-interest income for the bank.Due to strong origination and structuring skills, the Bank is now considered as aninnovative solution provider in helping corporates raise funds through customizedstructures that meet varied needs.
During the year, the bank successfully underwrote and sold down loans to variousinvestors of more than Rs 4,500 crore and secured for itself an enviable position amongstPrivate Sector banks in the Loan Underwriting League Tables.
The year also saw the launch of Project Finance, with focus on specific sectorslike Wind, Solar, Roads, Port, Logistics and Power Transmission. With strong domainexpertise in these sectors, the Bank was able to win Project Underwriting and Syndicationmandates from several large reputed Indian corporates.
Financial Institutions Group (FIG)
FIG manages relationships with domestic and international banks and FinancialInstitutions.
The Group manages a large network of correspondent banks across the globe. Theserelationships in different geographies support the scaling up of the Trade and Treasurybusinesses of the Bank and ensure seamless execution of cross-border deals. The Group alsosuccessfully raised foreign currency resources from key correspondents which helpedsupport the lending book in Foreign Currency, thus augmenting the Banks liquidityneeds and facilitating reduction in costs.
Capital & Commodities Markets Division
The Capital and Commodity Markets Division focuses on serving Capital andCommodity Exchanges and their Members.
The Bank is a Clearing-cum-Settlement Banker to both NSE and BSE in the Capitaland Futures Market segments, and to all the Commodity and Currency Futures Exchanges inthe country.
Commercial Banking Group
I Set up with a view to target the sweet spot of the Indian corporatespace, the Commercial Banking Group focuses on companies in the fast growing Mid-Marketsegments.
The Banks initiatives in Supply Chain Finance, Agricultural Business Finance, andInclusive Banking are also housed within this Business Unit.
The broad business theme of the Group is centred on the following:
Offering a full bouquet of customized products to clients, for their WorkingCapital and other Term/ Structured Finance requirements;
Increasing the client-base to create a sustainable earnings stream for the Bank;
Increased cross-sell through alignment of Relationship Managers and the ProductGroups, i.e., Transaction Banking, Global Markets and Investment Banking;
Offering structured solutions through Transactional and Investment Bankingproducts to clients for specific needs; and
Meeting the stipulated Priority Sector Lending requirements through itsInclusive Business Group and Agricultural Business Group initiatives.
The highlights of the year are:
Focus had been laid on building a sustainable working capital client portfolio,and the year saw further strengthening of this position.
The Group has been widening its client-base for higher growth and greaterdiversification of risk.
The Group successfully concluded select large investment banking transactions,evidencing the emphasis on capturing opportunities in this high growth segment.
Increase in product offerings to the clients. Special emphasis was laid onconcluding structured Foreign Exchange (FX) as well as Trade Finance deals. CMS, NCD &Dividend Mandates were successfully concluded, showcasing the Banks capability tooffer innovative customized solutions.
Inclusive Banking Group
The Inclusive Banking arm of the Group has been leading the market and has pioneeredthe launch of the Business Correspondent Model, with Microfinance Institutionsproviding micro loans to weaker sections of society. The Program is now geographicallywell-diversified and currently spread over 79 districts across 10 States with a network of386 MFI branches.
This Group actively works with more than 17,00,000 clients, of which about 12,60,000clients were reached directly and the remaining nearly 5,00,000 clients through indirectchannels. All clients are women, providing with micro loans for productive purposes.
Agri Business Group
The Agri Business Group is focused on specific banking requirements of key players inthe Agricultural Value Chain.
The Group offers products such as Pledge Finance, Agri Promoter finance, and AgriInfrastructure finance. The Groups activities are spread over 14 States and 53locations, providing services to about 750 active clients.
Agri SME, another arm of the Agri Business Group, provides specialized services toclients in the agriculture infrastructure and processing segment. It has a committed teamof specialized agriculture finance professionals to cover all segments of the agriculturevalue chain. This Division has scaled up innovative and compliant products such as AgriProject Finance, Agri Trade Finance, and Agri Infrastructure finance. In its two years ofoperations, the vertical has been able to establish itself as a significant player in theDairy and Agri Infrastructure segments.
Supply Chain Finance
Supply Channel Finance division works with over 870 dealers of automobiles and otherproducts, and provides short-term inventory finance through 30 different speciallydesigned programs for individual industries.
Global Markets Group
Global Markets Group (GMG) comprises three main functions: Trading in Rates, ForeignExchange and Derivatives, Sales (Client Risk Solutions across foreign exchange, interestrates and derivatives) and ALM (Asset and Liability Management).
The financial year 2014-2015 had witnessed mixed economic and political headwinds,domestically as well as globally. The domestic markets had been comparatively insulated tomost of the shocks and the foreign exchange and interest rates moved in a narrow band. Theyear started with a change in political leadership and economic guidance to control thespiraling inflationary trend. The newly elected Government announced a road map foreconomic upturn, especially development of infrastructure and rationalization of approvalsand removal of unwanted legislations. Domestic markets began the year optimistically withan expectation of decisive economic change. Many positives were witnessed on themacroeconomic front with CPI, year-on-year inflation rate, coming off to 5.37% in February2015 from 8.48% in April 2014. Reduction in global commodity prices have led to animprovement in the current account deficit and combined with resurgence of capitalinflows, have enabled a stable rupee when most global currencies have been depreciatingagainst US Dollar. Foreign exchange reserves had grown from USD 304 billion to USD 340billion during the year, partly due to frequent foreign exchange intervention by theCentral Bank to keep Rupee in a range against US Dollar. The continuous falling trend inglobal Brent crude prices from high of $101 / bbl in April 2014 to a low of $50 / bbl inJanuary 2015 and around $58 / bbl at the year-end aided reduction of fiscal deficit of thecountry.
In order to boost growth and in response to falling inflation, the Reserve Bank ofIndia cut policy rates twice by 25 basis points each in January and March 2015 as a signalto banks to reduce lending rates. In addition, RBI made several regulatory changes duringthe year which included introduction of Liquidity Coverage Ratio (LCR) and formalizedimplementation of Basel III capital norms. Against this backdrop, banks have managedproductivity and efficiency levels through liquidity and resource mobilisation strategiesthat proactively factor in the changing market conditions. The focus in the coming yearremains on the response of RBI to falling inflation and impending US rate hike as well asnew economic reforms in areas like mining, telecom, land acquisition, etc. for boostingeconomic growth.
The Money Markets and Balance Sheet Management unit of the Bank manages the Regulatoryrequirements related Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR), AssetLiability Management and Funds Transfer Pricing in order to manage and mitigate market andliquidity risk in the Balance Sheet. The liquidity and resource mobilisation strategyproactively addressed the Structural liquidity risk conditions and achieved a significantcost reduction in Banks sources of funds with a good mix of term deposits, marketborrowing and refinance.
The Trading Desk in Rates and Foreign Exchange aims to maximise the Banks revenueby taking proprietary positions in the Rates and Rupee market as well as G-7 currencieswith a strategy of timely entry and exit. The Interest Rate Trading Desk had increasedtrading volumes in SLR securities and revenue besides dealing in exchange traded InterestRate Futures (IRF) to optimise profits. The Bank has been recognised by the National Stock
Exchange as one of the top performers in IRF segment. The Derivatives Desk hadundertaken long term currency and interest rate swaps and executed large size deals withestablished market counterparties. The Desk also successfully commenced market making inFCY / INR options during the year.
The Credit Trading and Sales Desk set up a year back had a successful year andsignificantly enlarged its activities by originating, syndicating and underwriting debtproducts including Non-Convertible Debentures, Commercial Papers to clients. The Desk hadoriginated and successfully taken to the market, tailor-made debt structures to suit theneeds of the Clients and the Investors, thus enhancing client value and fee income. TheDesk continues to focus on client solutions with a view to maximise revenue and managingrisk, rather than targeting league tables.
The Client-facing team in Global