Citi India FY16 net down 5% at Rs 3,233 cr

Capital adequacy at 15.8% up from 15.3% a year ago; net NPA at 0.5% compared to 0.4% as on March 31, 2015

Citibank India posted a five per cent drop in its net profit for the financial year ended March 31, 2016. The bank’s profit after tax stood at Rs 3,233 crore in FY16 versus Rs 3,423 crore in the previous financial year.

During the period, Citibank India’s deposits grew 12.7 per cent, and net interest income rose 10 per cent. As on March 31, 2016, Citibank India’s total assets stood at Rs 1,54,117 crore. For Citi India as a whole, total assets, including credit extended to Indian corporate clients from offshore branches, stood at Rs 2,02,723 crore as on March 31, 2016, up 12.6 per cent from FY15. In FY15, the profits had risen 18.3 per cent to Rs 3,423 crore.

Niraj Parekh, chief financial officer, Citi India, said, “During the period, our focus on superior asset quality as well as our ability to service our institutional and retail clients through the full suite of our banking propositions translated to high quality earnings, despite the macroeconomic pressures.”

For FY16, the bank’s capital adequacy ratio stood at 15.8 per cent, up from 15.3 per cent as on March 31, 2015. As of March 31, 2016, the net non-performing assets (NPA) ratio stood at 0.5 per cent, compared with 0.4 per cent as on March 31, 2015. The bank’s operating expense to net income ratio stood at 36 per cent at the end of FY16, compared to 34.3 per cent a year ago. The currents accounts-savings accounts (Casa) ratio stood at 49.7 per cent as on March 31, 2016, compared with 49 per cent a year ago.

As of March 31, 2015, the bank’s capital adequacy ratio stood at 15.3 per cent and the net NPA ratio improved to 0.4 per cent from 1.24 per cent. Citi India added 1,700 employees over the financial year, bringing the total number of employees to 13,457 as of March 31, 2016. In FY15, the bank had 12,044 employees. Of the total employee base, Citi Service Centers, housed under Citicorp Services India Private Ltd, engages around 7,450 professionals, across five locations in India.