Citibank India has reported a rise of 20% in net profit after tax (PAT) at Rs 2,173 crore for the year ended March 31, 2009, as against Rs 1,804 crore during the previous year. The bank has also reported total revenues of Rs 10,423 crore for the same period, representing a 24% increase from Rs 8,410 crore in the previous year.
The growth in revenues is attributed to higher interest income as well as significant growth in fee and trading income, the bank said in a statement. The statement, however, did not disclose amounts that come under fee income and interest income.
The bank has seen its balance sheet grew by 26%, from Rs 83,851 crore to Rs 1,05,264 crore, reflecting continuing growth in customer lending activities.
Despite industry-wide challenges in unsecured consumer credit impacting profitability of the retail banking segment, the increase in net income reflected strong growth in corporate or commercial banking and treasury, the bank said.
In addition to Citibank with 40 branches in 28 locations in India, Citi operates several other legal vehicles, including two large non-bank finance companies, two brokerages and two other companies undertaking capital markets activities.
The bank plans to open two more branches during the third quarter of the calendar year. Total employee strength of Citi India stands at 8,000, of which Citibank India has 4,200 employees.
The bank said that all of these vehicles remained profitable during the year, with the exception of Citifinancial Consumer Finance India Ltd, which was impacted by the challenges of deterioration in unsecured credit quality that affected the entire industry and Citi Wealth Advisors Private Ltd, which is yet to reach full scale of operations.
?Notwithstanding the slowdown in the local economic environment arising from unprecedented turmoil in global markets, the strong performance of Citibank India branches underscores our strengths built up over 107 years of operation in India. During the year we assisted many corporate customers to raise capital in the local market and to access international capital markets…? said Mark T Robinson, CEO, Citi South Asia.