Citibank India has delivered yet another year of “responsible and sustainable” growth in 2015-16, with net interest income registering a 10 per cent increase. Asset quality remained “stable and consistent” in a difficult macro-economic environment.

However, net profit came in a tad lower at ₹3,233 crore for the financial year ended March 31, 2016. This is against net profit of ₹3,433 crore reported in the previous fiscal year. Bottomline performance in 2014-15 was bolstered by treasury gains made from episodic events and market conditions.

Profit before tax for the financial year ended March 31, 2016, stood at ₹5,777 crore (₹5,923 crore).

Commenting on the results for 2015-16, Niraj Parekh, CFO of Citi India, said that the bank was pleased with this financial performance as it “represents sustainable underlying growth in our businesses”.

“We have accomplished this amidst challenging macro conditions as well as the challenge of bad loans in the local market place. Our continued focus on superior asset quality helped.

“In addition, our decision to keep the existing balanced approach strategy unchanged (in terms of emphasis on both corporate and retail) and focus on execution, helped us achieve this high quality earnings for 2015-16,” Parekh told BusinessLine .

Net non performing assets (NPA) came in at 0.5 per cent of advances. This was a notch above the 0.4 per cent level seen in March 2015.

In 2015-16, Citi India added 1,700 employees, taking the total number of employees to 13,457 as of March 31, 2016.

Citi India maintained its dominant position across M&A, equity and debt capital raising, and loan financing.

Citi India was the No.1 investment bank in announced M&As, with announced deals worth approximately ₹57,300 crore during the year ended March 31, 2016.

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