Mumabi: Citi India, Citigroup Inc.’s Indian unit, reported a 78% increase in net profit to Rs 1,859 crore in the year ended 31 March, boosted by increased lending to small and medium enterprises and large companies, the company said.
Citibank, the third largest foreign bank in India, is one of the four units of Citi India. Others are Citi Global Markets India Pvt. Ltd (investment banking), Citifinancial Consumer Finance India Ltd (non-banking financial company) and Citi Corp. Finance India Ltd (brokerage). On its own, Citibank’s net profit surged 66% to Rs 1,424 crore.
“Total assets for Citibank India grew 17% to Rs 111,586 crore at 31 March, 2011 from Rs 95,489 crore at 31 March, 2010,” Citi said in a statement on Monday. “This growth arose primarily as a consequence of increases in advances to corporate clients and small and medium enterprises by 33% and 35%, respectively.”
“The bank’s current and savings deposits increased 12% during the financial year 2010-11 to Rs 56,668 crore and the CASA ratio improved from 51% to 56%. The bank’s net non-performing loans were lower at 1.2% from 2.1% in the previous year,” Citi India said. CASA refers to current and savings accounts.
For Citigroup as a whole, total assets including credit to Indian firms from offshore branches, increased 15% to Rs 149,492 crore as on 31 March. Citigroup was conservative in disclosing its India numbers as it is not publicly traded in India, and is not compelled to share details of its financial performance.