India's best international bank 2022: Citi
Citi, led by India chief executive Ashu Khullar, is one of the biggest foreign banks in India in terms of its balance sheet, deposits and profits. These are important measures, but the US bank also boasts a high-quality book and client portfolio, which proved a great advantage during the pandemic.
First, the numbers. For the year ending March 31, 2021, Citi’s balance sheet stood at $29.7 billion, with advances of $9.4 billion and deposits of $22.8 billion – all among the highest of the big foreign banks operating in India. Net profit, however, fell 17% to $560 million due to a decline in interest income and an increase in provisions and contingencies. The bank had not announced its 2021/2022 results for India before Asiamoney went to press.
Net interest margin was flat, while return on assets was 1.8%, indicating a good mix of non-interest revenue generated by the lender. Citi’s net non-performing asset ratio was a low 0.7%.