Citi India full-year net doubles

Mumbai, July 1

Citibank, India, said on Tuesday that its net profits doubled to Rs 1,804 crore for the year ended March 2008, from Rs 900 crore in the previous year.

Mr Sanjay Nayar, CEO, Citi India, said profits from foreign exchange business and higher commission income enabled the bank to report a more than 100 per cent growth in profits.

Total revenues for the fiscal increased by 51 per cent to Rs 6,099 crore (Rs 4,033 crore). Operating expenses for the fiscal grew by 18 per cent to Rs 2,179 crore (Rs 1,853 crore) due to escalation of lease rentals for existing leased premises.

The ratio of net NPAs (non-performing assets) to net advances increased to 1.23 per cent from 1.02 per cent, mainly on account of higher delinquency in cards business, said Mr Nayar.

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