Citi India's FY13 net profit rises 41.4% - Business Standard

Citi India today said its net profit for the year ended March 31, 2013 grew by 41.4% to Rs 2,718 crore as the bank cut costs and increased its revenues. "During the financial year 2012-13, we have seen sustained expansion in commercial banking segment, high off-take of trade loans by global banking customers and growth in our mortgage business," Abhijit Sen, chief financial officer o f Citi India, said in his post-earnings comments. The operating expense to income ratio improved to 40% at the end of March, 2013 from 44.5% a year earlier as the bank re-engineered its cost base. The bank's corporate and consumer banking businesses in India were profitable during the year contributing to the overall growth in earnings. Citibank India's total assets were Rs 1,28,380 crore at the end of last financial year. Its advances increased by 10% year-on-year to Rs 52,036 crore. The mortgage book expanded by 16.7% to Rs 9,949 crore. In consumer banking, Citi refocused its target market for credit cards that allowed it to reduce delinquencies. The bank had 18.4% market share in cards spend and 26% market share in e-commerce volume. The depos it growth was muted as the bank shed some of its high-cost bulk deposits. The deposit base grew by 3% to Rs 66,559 crore at the end of March, 2013. The share of low-cost current account savings account (CASA) deposit was 53%. The net non-performing asset ratio of the bank was 1.47% at the end of last financial year primarily because one of its corporate clients did not repay its dues. Citi India closed the financial year with a capital adequacy ratio of 15.90%. "Our capital position remains robust as it supports a larger balance sheet. It is critical for us to maintain focus on being a stable, efficient and strong institution," Sen said. via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNHBz5jJjS3ac3ICUBfUHTMF4f--Hw&url=http://www.business-standard.com/article/companies/citi-india-s-fy13-net-profit-rises-41-4-113070300677_1.html

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