Citi India FY23 net profit zooms to Rs 13,614 cr

Mumbai: American lender Citi’s FY23 net profit from India operations zoomed to Rs 13,614 crore on the back of the retail unit’s sale to Axis Bank. Excluding the Rs 8,914 crore one-time gain of the unit, the lender reported a net profit of Rs 4,700 crore, which was a 26 per cent growth over the Rs 3,727 crore it reported for FY22. Its revenue net of interest expense grew 16 per cent, a Citi statement said on Tuesday, without disclosing the exact figure.

The net interest margin expanded to 5.15 per cent during the reporting fiscal, as against 4.65 per cent in the previous fiscal, proving to be an important driver of profit growth, it said. On the asset quality front, the bank reported an improvement with the gross non-performing assets ratio coming down to 0.41 per cent as against 1.07 per cent in the year-ago period. Citi concluded the sale of its consumer banking business to Axis Bank during the fiscal in a Rs 11,603-crore deal. Citi said in the statement that the gain of Rs 8,914 crore is after tax expense.

The American lender sold the consumer business as part of a global strategic call to exit the business in multiple countries.