Citi India profit rises 12% in FY17

Citi India today reported 12 per cent growth in its net profit at Rs 3,626 crore for the 2016- 17 fiscal on account of increase in loan book size.

It had earned a profit of Rs 3,233 crore in 2015-16.

Net Interest Margin (NIM) rose to 5.4 per cent as against 5.1 per cent in the previous fiscal. However, net non- performing assets (NPA) remained unchanged at 0.5 per cent.

During 2016-17, the bank disbursed Rs 2,34,181 crore of loans, including those booked in offshore locations, representing a 13.4 per cent growth over the previous year.

For Citi India, in aggregate, total assets, including credit extended to Indian corporate clients from offshore Citi entities, stood at Rs 2,02,855 crore.

The bank extended loans of Rs 13,700 crore to agriculture, affordable housing, empowerment of weaker sections and micro, small and medium enterprises as well as over Rs 6,500 crore towards export credit for the fiscal year through March 31, 2017, as part of its priority sector lending obligations, Citibank said in a statement.

On the numbers, Citi India Chief Finance Officer Niraj Parekh said, "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."

The bank maintained its dominant position across equity and debt capital raising, loan financing and M&As. It helped raise over Rs 1,72,935 crore of equity and debt capital for its clients, preserving its status as the preferred investment bank in the country during this period, it said.

The lender also claimed that was also the number one investment bank in M&A, with completed deals worth approximately Rs 63,360 crore during this period.

"Citibank India serves 2.5 million retail customers with 1.2 million bank accounts and 2.4 million cards nationally. Citibank India is amongst the leaders in credit cards with 13 per cent market share of retail credit card spends in the country, while average spends per card per year is 1.4 times higher than the industry average," it said.