Citi India, the domestic arm of US banking major Citigroup, posted 78% increase in net profit to R1,850 crore for the year ended March 31, 2011, owing to healthy advances to corporates and SMEs.
Profit before tax rose 66% to Rs 3,016 crore for the financial year 2010-11 from R1,821 crore during the same period a year ago. During the year, Citi India?s total assets grew 17% to R1.11 lakh crore. Total assets, including credit given to Indian corporates from offshore branches, stood at R1.5 lakh crore at March 31, 2011, an increase of 15%.
Advanced to corporate clients, during the year, rose 33% and 35% respectively. Meanwhile, Citi India?s current and savings deposits (Casa) increased 12% to R56,668 crore and the Casa ratio improved from 51% to 56%. The bank?s capital adequacy ratio at March 2011 stood at 17.3%, while it managed to lower its net non-performing loans from 2.1% last year to 1.2%. During 2010-11, Citi helped Indian companies raise about $16 billion of equity and debt capital and maintained its leadership position with a 14% market share.