NEW DELHI: US-based global financial giant Citibank’s India unit, Citibank India, has declared a decline of over 6 per cent in its net profit for FY18. According to details released by the bank, it recorded a net profit of `3,403 crore for the year, against `3,626 crore in FY17. The bank’s India operations have been impacted primarily due to the rising yields on its investment portfolio, Citibank N A, India said in a statement. “For the Citi Franchise in India (Citi) in aggregate, total assets, including credit extended to Indian corporate clients from offshore Citi entities, stood at `2.35 lakh crore as on March 31, 2018,” it added.
Among other key metrics, the bank’s net non-performing assets (NPAs) remained unchanged at 0.5 per cent of the net advances, while the capital to risk weighted assets was a tad lower at 17 per cent against 17.6 per cent in 2016-17. The current account savings account ratio too remained unchanged at 58.2 per cent in FY18.
“Disciplined risk management has allowed us to maintain our credit quality, despite a challenging market environment,” said Niraj Parekh, Chief Financial Officer, Citibank India. Foreign banks’ profits in India have seen an across the board decline this year. Banks like HSBC, Deutsche Bank and Barclays have all recorded declining profits from their India operations in FY18. Barclays’ net profit fell 39 per cent, that of Deutsche Bank by 8 per cent fall and HSBC net fell by 3 per cent.
Welspun Corp PAT down 14 per cent at Rs 43.65 crore
Mumbai: Welspun Corp, the flagship company of Welspun Group, on Monday reported 14.71 per cent decline in consolidated profit after tax (PAT) at I43.65 crore for the June quarter. The company’s PAT stood at I51.18 crore in the corresponding quarter a year ago. Total income from operations for the quarter under review grew by 24 per cent at I2,085.51 crore from I1,681.77 crore last year.
Hindustan Zinc net up marginally at Rs 1,918 crore
New Delhi: Vedanta Group firm Hindustan Zinc Ltd (HZL) on Monday posted a marginal 1.5 per cent rise in net profit at I1,918 crore for the quarter ended on June 30, 2018. The company had posted a net profit of I1,889 crore in the year-ago period, HZL said in a filing to BSE.Total income during the April-June quarter increased to I5,609 crore from I5,527 crore in the corresponding quarter a year ago.
Vijaya Bank profit slumps 43 per cent to Rs 144 crore
New Delhi: Vijaya Bank on Monday reported 43.3 per cent decline in net profit at I144.34 crore for the June quarter even though the NPA ratio improved. The PSB’s net profit stood at I254.69 crore in the same quarter of FY18. Total income rose to I3,935.77 crore for the said quarter from I3,510.11 crore last year. Gross NPAs fell to 6.19 per cent of the gross advances from a level of 7.3 per cent a year ago.
ACC’s first quarter net profit rises marginally at Rs 329 crore
New Delhi: Cement major ACC Ltd on Monday reported a marginal increase in consolidated net profit to I329 crore for the June quarter. It had posted I326 crore profit in April-June period of last fiscal, ACC Ltd said in a BSE filing. The company, which follows January-December as its financial year, said net sales were at I3,768 crore, up from I3,329 crore in the year-ago period.