Citibank India's profit up 20 pc

Citibank India branch on Wednesday announced it has reported total revenues of Rs10,423 crores for the year ended 31 March 2009, representing a 24 per cent increase from Rs.8,410 crores in the previous year.

Citibank attributed the growth in revenues to higher interest income as well as significant growth in fee and trading income. As on March 31, 2009, the balance sheet grew by 26 per cent from Rs 83,851 crores to Rs105,264 crores, reflecting continuing growth in customer lending activities. Net profit after tax in 2008-09 was Rs.2,173 crores, representing 20 per cent increase from Rs1,804 crores in the previous year. Despite industry-wide challenges in unsecured consumer credit impacting profitability of the retail banking segment, the increase in net income reflected strong growth in corporate/commercial banking and treasury, the Bank said.

In addition to Citibank with 40 branches in 28 locations in India, Citi operates several other vehicles, including two large non-bank finance companies, two brokerage companies and two other companies undertaking capital markets activities. All of these vehicles remained profitable during the year, with the exception of Citifinancial Consumer Finance India Limited, which was impacted by the unsecured credit quality.

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