Citi India profit rises 12% in FY17

Citi India on Tuesday reported a 12.2% rise in FY17 profit after tax (PAT) to Rs 3,626 crore. The bank said its pre-tax profit grew 7% to Rs 6,185 crore in the same period. Its net interest margin — a key measure of profitability — stood at 5.4% in FY17, up 30 basis points (bps) from the previous year. The bank reported no change in its net non-performing asset (NPA) ratio at 0.5% of its net advances in FY17 and its capital adequacy ratio improved 180 bps to 17.6%. For Citi India in aggregate, total assets, including credit extended to Indian corporate clients from offshore Citi entities, stood at Rs 2.02 lakh crore. 

During FY17, Citi India said it disbursed Rs 2.34 lakh crore of loans, including those booked in offshore locations, representing a 13.4% growth over the prior year. Citi India CFO Niraj Parekh said in the statement, “Our results are a consequence of our execution focus, judicious expense controls and sound risk management. Citi in India is well placed and committed to supporting our clients’ investments and growth.”

In FY17, it added 2,039 employees, bringing the total number of employees to 14,543 as on March 31, 2017. It added that of the total employee base, Citi Service Centers housed under Citicorp Services India (CSIPL), engages 8,748 professionals.


Source : Financial Express