CKI reports KRW116.3 billion in Net Income for 1Q2009
The results are consistent with the unprecedented challenges faced in the market, which resulted in higher loan loss reserves, offset by increase in non-interest revenue and a decrease in expenses. Pre-provision income increased by 13.6%, or KRW33.5 billion year-on-year.
Net interest revenue was up 1.3% year-on-year, to KRW332.7 billion on increase in earning assets such as investment securities while net interest margin contracted to 2.86% from 3.08% year-on-year, as a result of a lag in timing between asset and liability repricing, changes in asset mix, and KRW depreciation against the USD. Net non-interest revenue increased 23.6% to KRW149.3 billion on gains from sale of securities, partially offset by lower fee income from sale of investment and insurance products.
Expenses declined 3.2% from the previous year, due to the benefits from re-engineering initiatives, including a voluntary early retirement plan executed in 4Q2008. Consequently, cost-to-revenue ratio improved to 42.4% from 46.4%.
Loan loss provision rose by KRW90.1 billion, resultant from an increase in provisions against delinquent customers, who are affected by the adverse economic and credit environment. Non-performing loans ratio (NPLs) increased by 42 basis points to 1.66%, and our NPL coverage ratio is 117.2%.
Deposits grew 16.5% year-on-year, while total loans decreased slightly year-on-year, as a result of decrease in customer loans associated with asset optimization and RMBS issuance. This was partially offset by increase in corporate loans and credit cards.
“We are pleased with our 1Q2009 performance. CKI will continue to focus on strengthening our core and strategic products, improving efficiency and proactively managing our risks,” said YK Ha, CEO of CKI.
웹사이트: http://www.citibank.co.kr
연락처
Shin, Hyeon Jeong
Communication Dept.
Citibank Korea Inc.
82-2-3455-2330
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2010년 8월 15일 10:43
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