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Citibank India on Monday reported a 6.4 per cent increase in net profit for the financial year ended March 2014 at ₹ 2,893 crore (₹ 2,718 crore).
This bottomline performance — which was the best among all foreign banks operating in India -- was exceptional given the tough economic environment in India during 2013-14.
Citibank India was the only foreign bank that recorded bottomline growth during the financial year under review.
Citibank’s net interest income for the financial year ended March 2014 recorded 5.4 per cent increase to ₹ 5,457 crore (₹ 5,178 crore)
“We are pleased to have delivered another set of quality earnings amidst a very challenging external environment, both in India and globally”, Pramit Jhaveri, CEO, Citibank India said.
Citi’s strategy of going in for responsible growth while keeping a tight lid on costs seemed to have paid rich dividends for this foreign bank.
While holding itself to the existing corporate business, this foreign bank has clearly benefited from the uptick in consumer business during the financial year 2013-14.
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