Citibank India net up 41.4% to Rs 2,718 cr

Citibank India on Wednesday reported a 41.4 percent increase in net profit for the financial year 2012-13 at Rs 2,718 crore (Rs 1,922 crore).

The bottomline growth of this foreign commercial bank is higher than the 35 percent increase in net profit recorded in 2011-12.

An all round performance in commercial, retail and treasury segments contributed to the robust financial results in 2012-13.

Both topline growth and improved operating efficiency led to this bottomline growth. The operating expenses-income ratio improved significantly from 44.5 percent last year to 40 percent this year.

Simply put, Citibank India not only earned more, it also saved more, leading to robust net profit growth.

"We are pleased to have delivered another set of high quality earnings in a challenging environment, consistent with our performance over the years and maintained a healthy portfolio", Abhijit Sen, Chief Financial Officer, Citibank India said.

Citibank India has sustained expansion in the commercial banking segment, high off-take of trade loans by global banking customers and growth in mortgage business, Sen said.

As of March 31, 2013, Citibank India’s mortgage book stood at Rs 9,949 crore, a 16.7 percent increase over Rs 8,525 crore as at end March 2012.

Srivats.kr@thehindu.co.in

Source: thehindubusinessline