The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms & Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.
Best Bank Awards

India's best international bank 2022: Citi

Citi

Ashu Khullar CEO, India and Citi Cluster Head, South Asia, Citi.jpg
Ashu Khullar, Citi India

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%.

Citi’s focus on quality names was to prove a successful strategy, especially when global markets turned more volatile as a result of Russia’s invasion of Ukraine and rising interest rates.

The

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree