Citi India consumer loans grow by 7.4% at $ 7.1b in Q3
Oct 16 2013 , New Delhi
The consumer loan book of India is 2.4 per cent of the total advances of the global bank, Citibank NA said in its third-quarter earnings review.
The Indian banking system witnessed a credit growth of 18 per cent in the six months ended September, primarily on the back of a spurt in retail lending.
Citigroup's net income climbed to $ 3.23 billion in the three months ended September from $ 468 million a year earlier. Allowances for loan losses stood at $ 20.6 billion.
Citigroup's asset quality continued to improve as total non-accrual assets fell to $ 9.8 billion, a 23 per cent reduction from the third quarter 2012, it said in a statement.
Corporate non-accrual loans declined 10 per cent to $ 2.2 billion, while consumer non-accrual loans declined 26 per cent to $ 7.2 billion, it said.