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Citi India net profit soars by 35%

Strong growth in commercial banking and mortgage businesses pushed up profit of Citi.

Written by Agencies | Mumbai | Published: July 3, 2012 7:06:26 pm

Strong growth in commercial banking and mortgage businesses pushed the post-tax profit of Citi India by 35 percent to Rs 1,922 crore in the year to March.

The pre-tax profit rose 37 percent to Rs 3,297 crore in the reporting year,up from Rs 2,402 crore in FY11,while its assets rose 15 percent to Rs 1,28,428 crore from Rs 1,11,586 crore,the bank said in a statement here today.

The good numbers are “driven by growth in the commercial banking segment,higher trade assets for global banking customers and growth in the mortgage business,” the American lender said.

During the year,the bank also saw its net non-performing loans decline to 0.9 percent from 1.2 percent in the previous year.

Overall,the lender’s total assets,including credit extended to domestic institutional and NRI clients from offshore branches stood at Rs 1,82,256 crore as of March 2012,representing a 18 percent rise over the previous year.

Deposits grew 14 percent during the reporting period to Rs 64,698 crore while CASA ratio stood at 55 percent.

The capital adequacy of the bank was at 16.03 percent at the end of the year.

During the year,Citi further expanded the number of ATMs to over 700 and its network of branches rose to 42 spanning 30 cities.

During the year,Citi helped its domestic clients raise close to USD 16 billion from equity and debt capital market and advised on M&A transactions worth USD 12 billion of announced deal value,apart from participating in the ONGC offer early March.

Citi,which is celebrating its 200th anniversary,entered the country over 110 years ago. So far,the parent Citi Group,has invested around USD 4 billion into the Indian franchise,making it the single-largest foreign direct investor in the domestic financial services industry.

Citi offers consumer banking and credit,corporate and investment banking,securities brokerage,and wealth management and,employees around 7,200 employees here. Its franchise here includes equity brokerage,equities distribution,private banking,and alternate investments and private equity.

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