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Business News/ Companies / Citibank India profit rises 12% in FY17
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Citibank India profit rises 12% in FY17

Citibank India reported 12% growth in its net profit at Rs3,626 crore for the 2016-17 fiscal on account of an increase in loan book size

Our results are a consequence of execution focus, judicious expense controls and risk management, said Citi India chief finance officer Niraj Parekh. Photo: BloombergPremium
Our results are a consequence of execution focus, judicious expense controls and risk management, said Citi India chief finance officer Niraj Parekh. Photo: Bloomberg

Mumbai: Citi India reported a 12% increase in net profit for the year ended 31 March, to 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 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.

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ABOUT THE AUTHOR
Gopika Gopakumar
Gopika Gopakumar has worked for over 15 years as a banking journalist across print and television media. Her expertise lies in breaking big corporate stories and producing news based TV shows. She was part of the 2013 IMF Journalism Fellowship Program where she covered the Annual & Spring meetings of the International Monetary Fund in Washington D.C. She started her career with CNBC-TV18, where she also produced a news feature show called Indianomics and an award winning show on business stories from South India called Up South. She joined Mint in 2016.
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Published: 04 Jul 2017, 04:40 PM IST
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