Citigroup reported a net loss of $2.8 billion for the third quarter ended September, primarily on credit-related losses and also slashed around 11,000 jobs. The American giant led by India-origin chief executive Vikram Pandit clocked a net profit of $2.2 billion for the same period a year ago.

For the third quarter under review, Citi incurred net pre-tax write-downs in securities and banking totalling $4.4 billion, net credit losses to the tune of $4.9 billion and another $3.9 billion as net charge to increase loan loss reserves.

In a statement, the financial services major said that the headcount has been reduced by about 11,000 since the second quarter of 2008 and by nearly 23,000 in the first nine months of this year.

Citi?s revenues for the third quarter stood at $16.7 billion, down 23% as compared to the corresponding period a year ago. The decline was driven by $4.4 billion in net write-downs in securities and banking and lower securitization results in North America Cards, among others.

IndusInd posts Rs 34 cr profit

IndusInd Bank registered a net profit of Rs 33.66 crore, for the quarter ended September 2008, as against Rs 22.34 crore during the corresponding quarter last year, showing a growth of 51% on year-on-year basis.

Net interest income for the bank stood at Rs 105.24 crore as of quarter ended September 2008, as compared to Rs 76.62 crore same time last year, registering a robust growth of 37%.

Net interest margins of the bank for the quarter stood at 1.84% as against 1.59% in the corresponding quarter of last year.

At the same time, the bank?s core fee income grew by 53%. Total advances of the bank stood at Rs 14,049 crore and deposits at Rs 19,487 crore.

?We are targeting a growth of 20-25% in both, credit and deposit, for the remaining part of the year? said Romesh Sobti, managing director & CEO with IndusInd Bank.

Capital adequacy ratio of the bank, as on September 2008 stands at 12.45% as against 11.77% at the end of September 2007. Sobti said that the bank has no plans to raise further capital this year.

Talking about current accounts and savings accounts (CASA), the bank said that it has improved to 18%. ?We are targeting a CASA of 20% by the year-end. We plan to protect our net interest margins (NIMs) by re-pricing our liabilities. Going forward, our focus would be on increasing our CASA and fee-based income,? Sobti said.

The bank added they have a 2.21% of net NPAs, as of quarter ended, as against 2.43% same time, last year.