Citibank on Monday said its stand-alone net profit from India operations for the year ended March 2011 surged 66 per cent to Rs 1,424 crore from Rs 860 crore a year earlier. The growth in earnings was primarily driven by a rise in advances to the bank's corporate and small and medium enterprise (SME) clients.
Citi's consolidated profit after tax from India, including the earnings of its broking and investment banking arm Citigroup Global Markets, rose 78 per cent year-on-year to Rs 1,859 crore during the last financial year. The group's total assets, including credit extended to Indian corporate clients from offshore branches, stood at Rs 149,492 crore on March 31, representing a 15 per cent rise over the previous year.
The bank’s total assets stood at Rs 111,586 crore as on March 31, a rise of 17 per cent from Rs 95,489 crore a year ago. Loans to corporate clients rose 33 per cent, while advances to SMEs increased 35 per cent during the year. The bank’s asset quality improved in 2010-11, with its net non-performing loan ratio shrinking to 1.2 per cent from 2.1 per cent a year earlier. The bank’s capital adequacy ratio stood at 17.3 per cent.
The foreign lender expanded its low-cost current account savings account (Casa) deposit base by 12 per cent to Rs 56,668 crore. The share of Casa deposits was 56 per cent of the bank's total deposits as of March 31.
In 2010-11, Citi helped its Indian clients raise close to $16 billion of equity and debt capital. In this segment, the bank’s market share stood at 14 per cent. "Citi remained integrally connected to the trade and capital flows in the region, touching 16 per cent of nationwide foreign exchange flows and eight per cent of trade flows," the bank said.
Citibank ended the last financial year with a network of 42 branches and 658 automated teller machines.
