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Citibank tops among foreign banks in terms of assets

img_0133Citibank consolidated its position as the largest foreign bank in India for FY14 in terms of assets, followed by Hongkong and Shanghai Banking Corp (HSBC). Citi India’s assets at the end of FY14 stood at Rs 1,44,981 crore with advances growing 9% year-on-year. HSBC’s assets at the end of FY14 stood at Rs 1,31,880.50 crore, growing 24.21% y-o-y. Standard Chartered Bnak came in third, with assets at Rs 1,31,000.96 crore, growing 9.38% y-o-y. In terms of profitability, Citibank again remained on top and reported a net profit of Rs 2,893 crore, registering a growth of 6.4% y-o-y, while HSBC reported a 23% y-o-y fall in net profit to Rs 1,490.32 crore. HSBC’s profit was hit due to higher operating expenses, provisions and 11.79% fall in other income to Rs 1520.89 crore. Standard Chartered too reported a net profit of Rs 1,584.11 crore, which was down 46.4%, partly due to increased provisions. Foreign banks in India are not obliged to announce their earnings results, but have to mandatorily release advertisements before July-end.

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