Citi India FY12 net jumps 35% to Rs 1,922 cr

US-based bank Citi India today reported nearly a 35% rise in its net profit at Rs 1,922 crore for the 2011-12 fiscal year, on the back of strong growth in commercial banking and mortgage businesses.

The bank had posted a net profit of Rs 1,424 crore in 2010-11.

The pre-tax profit rose 37% to Rs 3,297 crore in the reporting year, up from Rs 2,402 crore in FY11, while its assets rose 15% to Rs 1,28,428 crore from Rs 1,11,586 crore, the bank said in a statement here today.

The good numbers are "driven by growth in the commercial banking segment, higher trade assets for global banking customers and growth in the mortgage business," the US-based bank said.

During the year, the bank also saw its net non-performing loans decline to 0.9% from 1.2% in the previous year.

Overall, the lender's total assets, including credit extended to domestic institutional and NRI clients from offshore branches, stood at Rs 1,82,256 crore as of March, 2012, representing a 18% rise over the previous year.

Deposits grew 14% during the reporting period to Rs 64,698 crore while CASA (current account savings account) ratio stood at 55%.

The capital adequacy of the bank was at 16.03% at the end of March, 2012.

During the year, Citi further expanded the number of ATMs to over 700 and its network of branches rose to 42 spanning 30 cities.

During the year, Citi helped its domestic clients raise close to $16 billion from equity and debt capital market and advised on M&A transactions worth $12 billion of announced deal value, apart from participating in the ONGC offer early March.

Citi, which is celebrating its 200th anniversary, entered the country over 110 years ago. So far, the parent Citi Group, has invested around $4 billion into the Indian franchise, making it the single-largest foreign direct investor in the domestic financial services industry.

Citi offers consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management and, employees around 7,200 employees here.