Citi India FY23 profit jumps threefold Rs 13,614 crore on retail arm sale

Citi India on Tuesday reported a greater than threefold improve in its internet revenue for monetary 12 months 2022-23 (FY23) to Rs 13,614 crore, boosted by the sale of its client banking enterprise to Axis Financial institution.

The financial institution had reported Rs 3,727 crore internet revenue in FY22.

“Citibank India had a strong financial performance for FY23 with an underlying 16 per cent year-on-year (Y-o-Y) growth in revenue (net of interest expense) and 26 per cent growth in profit after tax (PAT), excluding the one-time gain on sale of consumer banking business in India to Axis Bank,” the overseas lender mentioned in an announcement.

The online revenue features a post-tax one-time acquire on the sale of client banking enterprise of Rs 8,914 crore and underlying revenue of Rs 4,700 crore.

Citi’s whole property stood at Rs 2.17 trillion as on March 31. Citi concluded the take care of Axis Financial institution in March this 12 months.

Citi India’s internet curiosity margin for FY23 swelled to five.15 per cent from 4.65 per cent within the earlier monetary 12 months. The financial institution mentioned its asset high quality remained sturdy with gross non-performing asset (NPA) ratio at 0.41 per cent as in comparison with 1.07 per cent and nil internet NPA ratio as in comparison with 0.39 per cent final 12 months.

As on March 31, Citibank India has prolonged loans of Rs 35,001 crore to agriculture, reasonably priced housing, renewable power, and micro, small and medium enterprises, of which Rs 1,218 crore has been prolonged to economically weaker sections, as a part of Citibank India’s precedence sector lending obligations. 

The lender mentioned it helped increase Rs 40,770 crore of fairness capital and Rs 14,382 crore of debt capital for shoppers.

“Citi India is also a leading investment bank in mergers and acquisitions, with announced deals worth $67,556 million during this period,” the assertion added. 

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