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Citi expects revenue from India corporate business to grow by 10%
July 22, 2022
“Conservatively, we expect India corporate banking business revenue to grow at around 10% (a year) in dollar terms in (the) next three-four years, which translates to 16-17% in rupee terms considering the depreciation,” K Balasubramanian, head of corporate banking, South Asia, told Reuters on Thursday, noting Citi has been ramping up hiring.
Growth of 10% would be “200 basis points” higher than annual growth seen in the last few years and faster than several other countries in which the bank has a presence, he said.
In the year ended March 2021, Citi India’s revenue from corporate banking totalled 85.13 billion rupees ($1.07 billion), the biggest contributor to its business surpassing revenue from treasury, retail, and other banking.
Revenue from corporate banking includes interest and fees earned on loans to customers and income from trade and transaction services, according to the regulatory filing.
Volatility in global markets amid the conflict between Russia and Ukraine has boosted business with commodity-linked hedging in the last six to nine months reaching the highest level the bank has ever done in India, said Balasubramanian.
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