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: Citi, the seventh oldest bank in India, has been providing banking services in the country since 1902. The bank that opened its first office in Kolkata, currently operates 40 branches in India.

“We have always operated like a local bank in India, rather more local than some of the Indian banks’’ says Mark T Robinson, who has been appointed as the chief executive officer, Citi, South Asia, since February 1.

Citi in India, follows a universal bank model, offering the full range of financial services matched by few. In retail banking too the bank has a wide repertoire. Through its non-banking finance company (NBFC) Citi Financial, since 1989, Citi transacts retail finance business and currently has around 120 outlets in 58 cities across the country.

“As a part of international restructuring, we are also thinking about making some structural changes in the way CitiFinance does business in India. But that does mean that we have to strictly follow the new international model. We will have our independence to restructure it to suit local needs,’’ reveals Robinson.

Robinson said that the year 2007-08 had fetched profitable returns for the bank in India as total revenues went up by 50% to around Rs 6,000 crore. However, the operating costs too increased by over 18%, as the bank’s Indian operations had to invest heavily in premises, workforce and technology in the year.

In 2007-08, the bank’s total advances grew by 17% to Rs 38,377 crore from Rs 32,861 crore in the year 2006-07. The deposits grew by 22% to Rs 46,125 crore from Rs 37,875 crore in the year 2006-07. For the financial year 2007-08, Citi India’s revenue rose by 44% to Rs 10,586 crore. Profit after tax of the group rose by 65% to Rs 2,596 crore. Fee income rose by 82% to Rs 2,446 crore. Corporate and retail business segments contributed 55% and 43% to the bank’s revenue respectively, and 75% and 25% to the bank’s profit before tax respectively in 2007-08.

The capital adequacy ratio of the bank as on March 31, 2008 remained at 12%. The ratio of net non-performing assets to net advances has increased to 1.23%. For the year, overall contingencies and provisions went up by around 66% to Rs 2,115 crore.