Citi India on Monday announced a 6.4% y-o-y rise in net profit to R2,893 crore for FY14 on the back of lower NPAs and operating expenses. The lender’s profit before tax rose 11.4% y-o-y to R5,113 crore during the same period.
Advances grew 9% y-o-y and assets stood at R1.45 lakh crore as on March 31, 2014. Asset quality improved and the net NPA ratio stood at 1.24% compared to 1.47% a year ago. The operating expenses-income ratio improved to 34% from 40%. The bank’s capital adequacy ratio stood at 16.5% as on March 31, 2014.
Citi India helped raise R64,500 crore of equity and debt capital for clients and completed M&A deals worth R80,400 crore in FY14. Deposits grew 18% during the same period and the Casa ratio stood at 48%.
Citibank India also mobilised FCNR deposits
worth R10,500 crore between September and October 2013 and raised an equivalent of R6,200 crore of borrowings against enhanced limits on tier-1 capital.