Citi India profit up 78% in FY’11

Citi reported a 78 pct jump in its India operations' profit-after-tax to Rs 1,859 crore.

American banking major Citi reported a 78 per cent jump in its India operations’ profit-after-tax to Rs 1,859 crore in 2010-11.

The jump in profits came on the back of an improvement in all key ratios including net non-performing assets (NPAs),which narrowed to 1.2 per cent from 2.1 per cent in the previous fiscal,Citi India said in a statement issued here.

Its total assets grew by 17 per cent during the fiscal to 1,11,586 crore on March 31,2011,and were driven more by lending to corporates and small and medium enterprises,which grew by 33 and 35 per cent,respectively,it said.

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The share of cheaper CASA (current and savings account) deposits also went up to 56 per from 51 per cent in the previous year,the release said.

During the fiscal,Citi helped Indian clients raise close to USD 16 billion of equity and debt capital,which gives it a 14 per cent share in the capital raising advisory business.

Citi India’s total capital adequacy stood at 17.3 per cent,the release said.

The total number of automated teller machines (ATMs) in the country also went up to 658 from the 457 at the close of the previous fiscal,it said. The bank operates 42 branches in 30 Indian cities.