Citi India net jumps 35 percent, bad loans fall

Citi India has reported a sharp 35 percent jump in net profit to Rs 1,922 crore for the year ended March 2012 against Rs 1,424 crore last year.

Total assets for Citibank India grew 15 percent to Rs 128,428 crore from Rs.111,586 crore last year driven by growth in the commercial banking segment, higher trade assets for global banking customers and growth in the mortgage business.

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The bank’s deposits grew 14 percent during the same period to Rs 64,698 crore and the CASA ratio stood at 55 percent. Also, the bank’s net non-performing loans were lower at 0.9 percent from 1.2 percent in the previous year, and its capital adequacy stood at a healthy 16.03 percent.

Overall, Citi India’s total assets including credit extended to Indian institutional and non-resident Indian clients from offshore branches stood at Rs182,256 crore at March 31, 2012, representing a 18 percent increase over the previous year.

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