Citi's asset quality in India improves

The quality of assets of Citicorp International’s consumer credit business in India improved in the January-March period, leading to a decline in the group’s overall net credit loss (NCL).

“NCL improvement continued, driven by Mexico cards and India,” Citi said in its first quarter earnings review report. Non-performing loans in Citi’s consumer credit business in India declined to one per cent in the January-March period from 1.5 per cent a quarter ago. Average net receivables in India consumer banking operations stood at $6.8 billion.

Citigroup’s net income for the first three months, however, plunged 32 per cent from a year ago to $2.99 billion, though it improved sequentially from $1.31 billion in the October-December period. Net revenues declined 22 per cent year-on-year to $19.7 billion.

 

“After a full year of profitability, we continue to make progress in 2011 by executing our strategy with discipline. Citi Holdings losses continued to decrease. We are investing in our core businesses in Citicorp. Our capital strength improved, and the mix of revenues reflects the diversity of our businesses and our depth in both emerging, as well as developed markets,” said Vikram Pandit, CEO, Citigroup.