Citibank India profit rises 12% in FY17
Mumbai: Citi India reported a 12% increase in net profit for the year ended 31 March, to Rs 3,626 crore riding the growth in its net interest margins to 5.4% from 5.1% a year ago.
“The strong momentum across our retail and institutional businesses has led to growth in net interest income (NII), fees and commission. Judicious expense controls have allowed us to maintain steady operating efficiency, leading to increased profitability,” said Niraj Parekh, chief financial officer, Citi India.
The foreign lender’s total assets in India remained unchanged at Rs 2.02 trillion in 2016-17 while its current and savings account ratio (CASA) jumped to 58.2% during the fiscal year from 49.7% the previous year.
Gross non-performing assets stood at 1.5%, deposits grew 4.1% year on year and NII grew by 6% year on year.
The bank’s capital adequacy improved to 17.6% as on 31 March from 15.8% a year ago. The bank’s net non-performing assets as a percentage of total assets remained unchanged at 0.5% at the end of March.
Citi India added 2,039 employees during the fiscal year, bringing the total number of employees to 14,543 as on 31 March.