Citi’s latest credit data indicates continued resilience in corporate and NBFC lending, even as growth trends diverge across retail segments. The brokerage noted that corporate lending grew 0.7% month-on-month, supporting year-on-year expansion and signalling sustained traction in wholesale credit demand.
NBFC lending rose 1.2% MoM, maintaining a healthy 9.5% YoY growth, with trade-related credit growing a robust 14.2% YoY. This strength, Citi said, underscores improving confidence in non-bank lenders, particularly in segments linked to economic activity.
In contrast, services lending declined 1.2% MoM, dragging overall services credit growth. Retail trends were mixed, with credit card outstanding falling 2.3% MoM, moderating annual growth to 2.4% YoY. Personal loans registered a 0.6% MoM recovery, reaching 9% YoY growth.
The standout segment remains gold loans, which surged an exceptional 125% YoY, alongside 6% MoM growth, reflecting strong demand amid elevated gold prices. Home loans posted modest growth of 0.2% MoM, achieving 9.9% YoY expansion, while agriculture credit growth remained steady at 8.7% YoY.
Citi believes the data points to selective strength across the banking system, with gold loans and corporate credit acting as key growth drivers, even as some retail segments remain under pressure.
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