Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / Citibank FY15 India profit rises 18% to Rs3,423 crore
BackBack

Citibank FY15 India profit rises 18% to Rs3,423 crore

Profit was helped by corporate demand for loans and services even as the US lender kept costs under check

Citibank’s loan book in India increased 7.7% to Rs60,896 crore from Rs56,519 crore in March 2014. Photo: BloombergPremium
Citibank’s loan book in India increased 7.7% to Rs60,896 crore from Rs56,519 crore in March 2014. Photo: Bloomberg

Mumbai: Citibank NA’s India business on Wednesday reported an 18% increase in net profit for year-ended March 2015.

Profit jumped to 3,423 crore from 2,893 crore in the previous year, helped by corporate demand for loans and services even as the US lender kept costs under check.

Citibank’s loan book in India increased 7.7% to 60,896 crore from 56,519 crore in March 2014. The bank did not give a break-up of the bank’s interest and non-interest income.

Niraj Parekh, chief financial officer (CFO) at Citibank India, said, “Our corporate profit grew 20% over fiscal 2014, followed by treasury which grew 18% and retail which grew 12%."

“We benefited from lower interest rates last year. Our execution skills in keeping our costs down while ensuring that the earnings and margins remained comfortable," Parekh said.

Citibank’s is India’s third largest foreign bank in terms of branches. It has 45 operational branches in India compared to Hong Kong and Shanghai Banking Corp. Ltd’s 50 branches and Standard Chartered Plc’s 99 branches.

Citibank’s total assets in India dropped to 1.38 trillion from 1.44 trillion in March 2014 because of “mark to market movements on foreign exchange derivatives", Parekh said.

The bank’s total deposits in India increased 14% to 89,000 crore from 78,000 crore in March 2014 while the percentage of low-cost current and savings account (CASA) deposits improved slightly to 49% from 48% in March 2014.

Net non-performing assets (NPAs) improved sharply to 0.40% of net advance from 1.24%.

Citibank hired 2,244 employees in the year ended March 2015, taking the total number of employees to 12,044, of whom 5,700 people were at hired for the international service centre Citicorp Services India Pvt. Ltd.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 01 Jul 2015, 09:48 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie