BWI: Citi India Reports Earnings for the Year Ended March 31, 2011

Press release from Business Wire India
Source: Citi
Monday, June 20, 2011 02:52 PM IST (09:22 AM GMT)
Editors: General: Consumer interest, Economy; Business: Advertising, PR & marketing, Banking & financial services, Business services, Financial Analyst, Stock exchanges
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Citi India Reports Earnings for the Year Ended March 31, 2011


Mumbai, Maharashtra, India, Monday, June 20, 2011 -- (Business Wire India) -- Citi India, reported a strong financial performance for the year ended March 31, 2011. Total Assets for Citibank India grew 17% to Rs.1,11,586 crore at March 31, 2011 from Rs.95,489 crore at March 31, 2010. This growth arose primarily as a consequence of increases in advances to corporate clients and small and medium enterprises by 33% and 35% respectively. The Bank's current and savings deposits increased 12% during the financial year 2010-11 to Rs.56,668 crore and the CASA ratio improved from 51% to 56%. At March 31, 2011, the Bank's net non-performing loans were lower at 1.2% from 2.1% in the previous year and its capital adequacy stood at a healthy 17.3%.

For Citi India as a whole, its total assets including credit extended to Indian corporate clients from offshore branches stood at Rs.149,492 crore at March 31, 2011, representing a 15% increase over the previous year.

Citi India's profitability increased substantially during the period, with Profit Before Tax rising 66% from Rs.1,821 crore in financial year 2009-10 to Rs.3,016 crore in financial year 2010-11. Profit After Tax increased 78% from Rs.1,046 crore to Rs.1,859 crore during the same period.

Business Highlights - 2010-11

. Strong growth across multiple segments including Corporate Banking, Global Subsidiaries Group, SME/MME, Citigold and Citi@Work.

. Citi helped Indian clients raise close to US$16 billion of equity and debt capital and continued its leadership in this segment with a market share of 14%. In addition to providing innovative fund issuance solutions to several large corporates, Citi played a leading role in the Government divestment programme including Coal India, NMDC and NTPC.

. Citi remained integrally connected to the trade and capital flows in the region touching 16% of nationwide foreign exchange flows and 8% of trade flows.

. Citibank completed 25 successful years of retail banking in India with the NRI Business, launched in 1985, celebrating its silver anniversary together with over 275,000 Global Indians with an AUM of over $7 billion.

. Citibank expanded its ATM network from 457 ATMs in March 2010 to 658 to date. It has a network of 42 branches in 30 cities.

. Citibank maintained its #1 position in credit card spends at 20% of the industry, and launched innovative products such as Citibank Premier Miles, the industry's first airline-agnostic travel card and the retail variant of Citibank World Money Prepaid Card.

Employer of Choice

In line with its commitment to invest in talent, Citi India continued to be a preferred choice of graduates from some of the best B-Schools in India and globally, with about 240 new hires for its 2011 Associate Programme.

Corporate Citizenship

Citi's Corporate Citizenship program reached out to more than 4.5 Lakh economically disadvantaged families in the financial year 2010-11, in its effort to support Economic Inclusion by way of enterprise development, youth education and livelihoods, financial capability and asset building and microfinance.

About Citi

Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

Additional information may be found at www.citigroup.com

Committed to India for over 108 years, Citi takes pride in being a premier locally-embedded financial institution backed by an unmatched international network. Citi's presence in India spans 42 Citibank branches across 30 cities and over 658 ATMs. With capital invested of over US$4 billion, Citi is the single largest foreign direct investor in the financial services industry in India and offers consumers and institutions a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi is an employer of choice to approximately 7500 employees in India. Citi's franchise in India includes businesses such as equity brokerage, equities distribution, private banking (Citi Private Bank) and alternate investments and private equity (CVCI). In line with our commitment to make a positive difference in the communities where we work, Citi India's citizenship programmeme targets its strategic efforts in the priority focus areas of Financial Capability & Asset Building, Microfinance & Microenterprise, Small & Growing Businesses, and College & Careers.

Additional information may be found at http://www.online.citibank.co.in/press-room/citi-in-india.htm




CONTACT DETAILS
Madhvendra Das, Citi, +91 22 4001 5056, madhvendra.das@citi.com
Debasis Ghosh, Citi, +91 22 4001 5009, debasis.ghosh@citi.com

KEYWORDS
CONSUMER, ECONOMY, MARKETING, BANKING, BUSINESS SERVICES, Financial Analyst, STOCK EXCHANGES

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