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Citibank India net up 20% on higher interest income

Citibank India net up 20% on higher interest income
PTI
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First Published: Wed, Jun 24 2009. 05 20 PM IST
Updated: Wed, Jun 24 2009. 05 20 PM IST
Mumbai: Financial services major Citibank though struggling globally has done well here with its Indian arm reporting 20% rise in net profit at Rs2,173 crore for the year ended 31 March 2009.
The bank, which has 40 branches at 28 locations, said in a statement today that its total revenue was up 24% at Rs10,423 crore amid inflows by way of higher interest income, trading income and fees.
The balance sheet of the bank grew by 26% to Rs1,05,264 crore in FY09 from Rs83,851 crore in the previous fiscal, the statement said.
The bank said there were many challenges in unsecured consumer credit impacting profitability of the retail banking segment during the year. The bank posted increase in net income due to growth in corporate commercial banking and treasury, it said.
The bank has two non-banking finance companies, two brokerage companies and two companies that undertake capital market activities in India and all these activities remained profitable, the statement said.
The only exception was Citifinancial Consumer Finance which was impacted by deterioration in unsecured credit quality and City Wealth Advisors which is yet to reach full scale operations, the statement said.
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First Published: Wed, Jun 24 2009. 05 20 PM IST
More Topics: Citibank | India | Income | Commercial banking | Trade |