Citi India posts loan growth of 7.4% at $7.1 bn in Q3

New Delhi: Citi India, part of global banking major Citigroup, recorded a loan growth 7.4 percent at $7.1 billion for the third quarter ended 30 September.

The loan book of India is 2.4 percent of the total advances of the global bank, Citibank NA said in its third quarter earnings review.

Indian banking system witnessed a credit grew by 18 percent in the first six months ended September primarily on the back of spurt in retail lending.

For the three months ended September, Citigroup saw its net income climb to $3.23 billion as against $468 million in the same period a year ago.

Meanwhile, Citigroup’s allowance for loan losses stood at $20.6 billion in September quarter.

“Citigroup asset quality continued to improve as total non-accrual assets fell to $9.8 billion, a 23 percent reduction compared to the third quarter 2012.

Corporate non-accrual loans declined 10 per cent to $2.2 billion, while consumer non-accrual loans declined 26 percent to $7.2 billion, it said in a statement.

“We performed relatively well in this challenging, uneven macro environment. While many of the factors which influence our revenues are not within our full control, we certainly can control our costs,” Citi chief executive officer Michael Corbat said.

PTI