Citi8217;s India8217;s asset quality improves as global profit dips

It managed to do well in India despite about USD 100 million fraud witnessed at its branch at Gurgaon near New Delhi.

The NCL of India8217;s operation declined to 1 per cent of the total assets during the first quarter against 1.5 per cent in the same quarter a year ago. However,India8217;s contribution stood at 2.6 per cent to the consolidated NLC.

Yesterday,Citigroup had reported a whopping 32 per cent plunge in its net profit for the first quarter ended March,2011.

Net income fell to USD 2.99 billion in the January-March period from USD 4.43 billion in the 2010 first quarter,while Earnings per share fell 33 percent to 10 cents.

However,the net earnings were a sizable improvement over the previous quarter8217;s earning of USD 1.31 billion. According to Citibank chief executive Vikram Pandit,March quarter earnings were a sign of the bank8217;s recovery from the US financial crash of 2008-2009.

8220;After a full year of profitability,we continue to make progress in 2011 by executing our strategy with discipline,8221; he had said in a statement.

8220;Citi Holdings losses continued to decrease; we are investing in our core businesses in Citicorp; our capital strength improved; and the mix of revenues reflects the diversity of our businesses and our depth in both the emerging and developed markets,8221; he had said.