Citi's India operations PAT up 78 pc in FY 11

Mumbai: American banking major Citi today reported a 78 per cent jump in its profit after tax from its India operations to Rs 1,859-crore in 2010-11.

The jump in profits came on the back of improvement in all key ratios, including net non-performing assets which narrowed to 1.2 per cent from 2.1 per cent in the previous fiscal, Citi India said in a statement issued here.

Its total assets grew 17 per cent during the fiscal to 1,11,586-crore as of March 31 and were driven more by lending to corporates and small and medium enterprises, which grew 33 and 35 per cent respectively, it said.

Share of the cheaper CASA (current and savings account) deposits also went up to 56 per from the year before’s 51 per cent, the release said.

During the fiscal, Citi helped Indian clients raise close to $16-billion of equity and debt capital which gives it a 14 per cent share in the capital raising advisory business.

Citi India’s total capital adequacy was at 17.3 percent, the release said. The total number of automated teller machines (ATMs) in the country also went up to 658 from the 457 at the close of previous fiscal, it said. The bank operates 42 branches in 30 Indian cities.

PTI