Citibank India Profit After Tax Jumps 26% to Rs 4,700 Crore in FY23
Citibank India reported a profit after tax (PAT) of Rs 4,700 crore for the financial year 2022-23, up 26% from the previous year. The PAT excludes a one-time gain of Rs 8,914 crore from the sale of the consumer banking business to Axis Bank.
The lender’s net interest margin (NIM) for FY23 was 5.15%, compared to 4.65% in the previous year. Asset quality improved with the gross non-performing asset (GNPA) ratio at 0.41%, compared to 1.07% in the previous year. The net NPA ratio was nil, compared to 0.39% in the previous year.
Citibank India held a 4.1% market share in electronic fund transfers and 8% share of merchandise and software services trade flows.
In April 2021, Citigroup announced its plan to exit the consumer banking business in India as part of its global strategy. The business comprised credit cards, retail banking, home loans, and wealth management. The bank had 35 branches in the country and employed about 4,000 people in the consumer banking business.
In line with this, Citigroup announced the sale of Citibank India’s consumer banking business to Axis Bank in March 2022. Axis Bank completed the acquisition of Citibank’s consumer business and non-banking financial company (NBFC) consumer business in March 2023.
The bank paid Rs 11,603 crore for the acquisition. The sale excluded Citi’s institutional client businesses in India.
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