In The Top League
Citibank has always been among the top foreign banks in India as its unique strategy to move ahead with the changing times helped it win over the market challenges. The bank has been extending its footprint in the Indian banking circles, but pacing its business growth steadily due to a general slump in credit offtake.
Nevertheless, Citibank’s balance continues to grow steadily. In fiscal 2016, its total assets grew 11 per cent to Rs 154,117 crore, while NPAs remain at 0.44 per cent to advances. It is for this reason the Citibank ranks as the Best Foreign Bank runner-up in the BW Businessworld-PwC Best Banks’ Survey 2016.
With an average 4.85 per cent growth in operating profit during the three-year period under review, Citibank’s score in the key growth parameters such as rise in deposits, loan book and interest income have also proved that it bucked the trend.
The bank’s total deposits grew about 13.12 per cent, while the growth in loans and interest income were 8.81 per cent and 8.71 per cent, respectively during this period. In 2016 fiscal, the bank’s deposits grew 12.7 per cent and net interest income rose 10 per cent that year.
For foreign banks, the challenges were many-fold as they were balancing between global risk challenges and a general slump in the domestic economy. But for CitiBank, India still remains a top banking destination. “India is now among the top 5 markets for many MNCs, prompting them to bet long-term investments commensurate with opportunities in the world’s fastest growing major economy,” Citibank India CEO Pramit Jhaveri was quoted in a national daily in March. It is this kind of dedicated focus that ensures the bank enjoys a high reputation in India.
