 "Citibank India profit up 41% on commercial banking, mortgage businesses")
New Delhi: Buoyed by robust growth in its commercial banking and mortgage businesses, Citibank India today reported a 41.4 percent rise in profit after tax for 2012-13 at Rs 2,718 crore.
Citi India, part of US-based global banking giant Citibank, it also helped Indian clients raise $18 billion from equity and debt markets and advised on merger and acquisition deals worth $10.4 billion during the year.[caption id=“attachment_924821” align=“alignleft” width=“380”] High on profits. Reuters[/caption]
Besides, it was a leading arranger of capital for the India financial system with close to $8.5 billion raised and played a key role in the Indian government’s disinvestment programme, the bank said while announcing its financial results.
Citibank India’s profit after tax rose by 41.4 percent to Rs 2,718 crore during the financial year ended 31 March 2013, while profit before tax rose 39.2 percent to Rs 4,589 crore.
At the end of last fiscal, Citibank India’s total assets were Rs 1,28,380 crore, with advances growing by 10 percent to Rs 52,036 crore and deposits rising by 3 percent to Rs 66,559 crore.
The bank said that its capital adequacy ratio stood at a healthy rate of 15.90 percent and the net NPA ratio was 1.47 percent.
Commenting on the results, Citi India’s chief financial officer Abhijit Sen said the bank has delivered high quality earnings despite a challenging environment.
“During the financial year 2012-2013, we have seen sustained expansion in the commercial banking segment, high off-take of trade loans by global banking customers and growth in our mortgage business. Our capital position remains robust as it supports a larger balance sheet.
“It is critical for us to maintain focus on being a stable, efficient and strong institution,” Sen said.
The bank opened three Smart Banking branches in Noida, Mumbai and Bangalore, while its cards business maintained a leading position in terms of spending per card with about 18.4 percent market share.
The bank’s mortgage book grew 16.7 percent to Rs 9,949 crore in the year, while the overall Asset Under Management in its wealth management business stood at Rs 16,059 crore at the end of the last fiscal.
The bank said it also made 135 new hirings, under its Associate Programme, from B-schools in India during the year, while the bank’s Corporate Citizenship program made grants totaling Rs 12.68 crore during the fiscal.
One of the largest banking groups in the world, Citi has businesses across more than 160 countries and it has been present in India for over 100 years. Currently, it has 42 branches across 30 cities in India.
PTI
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