Citi India posts loan growth of 7.4% at $7.1 bn

Citi India, part of global banking major Citigroup, recorded a loan growth of 7.4 per cent at $7.1 billion for the third quarter ended September 30. The loan book of India is 2.4 per cent of the total advances of the global bank, Citibank NA said.

The Indian banking system witnessed a credit growth of 18 per cent in the first six months ended September, primarily on the back of spurt in retail lending. For the three months ended September, Citigroup saw its net income climb to $3.23 billion as against $468 million in the same period a year ago.

Meanwhile, Citigroup's allowance for loan losses stood at $20.6 billion in the September quarter. Its asset quality continued to improve as total non-accrual assets fell to $9.8 billion, a 23 per cent reduction compared to the third quarter 2012.

Corporate non-accrual loans declined 10 per cent to $2.2 billion, while consumer non-accrual loans declined 26 per cent to $7.2 billion, it said in a statement.

"We performed relatively well in this challenging, uneven macroenvironment. While many of the factors which influence our revenues are not within our full control, we certainly can control our costs," Citi Chief Executive Officer Michael Corbat said.