Citibank on Tuesday said its profit after tax from India business expanded 35 per cent in 2011-12 to Rs 1,922 crore from Rs 1,424 crore a year ago.
A growth in assets, driven by commercial banking and mortgage businesses, and consumer banking operations aided the increase in earnings.
Total assets of Citibank India rose 15 per cent to Rs 128,428 crore during the year. Deposits increased 14 per cent to Rs 64,698 crore. The share of low-cost current account savings account deposit was 55 per cent of total deposits. Total assets, including credit extended to Indian institutional and non-resident Indian clients from offshore branches, stood at Rs 182,256 crore at the end of March, representing 18 per cent increase over the previous year.
The foreign lender’s asset quality also improved with net non-performing loan ratio narrowing to 0.9 per cent in 2011-12 from 1.2 per cent a year ago. Citibank closed the last financial year with a capital adequacy ratio of 16.03 per cent.
Citi, which has a network of 42 branches in 30 cities, increased the number of ATMs in India to over 700.
Citi helped Indian clients raise close to $16 billion from equity and debt capital market transactions and advised on merger and acquisition deals worth $12 billion. It had 13.7 per cent of company foreign exchange flows and 8.84 per cent of company trade flows.