CKI Reports KRW311.3 bn in Net Income for 2009

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2010-03-30 17:22

서울--(뉴스와이어)--today announced it reported net income of KRW311.3 billion on KRW1.493 trillion in revenue for the financial year ended December 2009. Return on Assets (ROA) and Return on Equity (ROE) were 0.50% and 6.33% respectively. CKI’s Basel II Capital Adequacy Ratio and Tier 1 Capital at December 31 2009 were 17.18% and 13.98% respectively, among the highest compared to industry peers.

Net income declined by 26.9% from the previous year on lower net interest revenue. This was due to the contraction in net interest margin, a decrease in non-interest revenue from lower earnings in sales and trading, fees earned from investment and bancassurance products and the one-time reduction of securities sales. This was offset by improvements in asset quality resulting in lower loan loss provisions and effective expense controls. Net income excluding one-timers was down 14.2% compared to the prior year.

Net interest margin was down by 61bps to 2.65% from the previous year on customer loans, deposit repricing and changes in asset mix. As a result, net interest revenue declined by 11.7%. However, quarterly net interest margin has improved since the second quarter of 2009, with fourth quarter net interest margin up by 32bps to 2.83%; and net interest revenue improved by 11.1% over the prior quarter. Full year revenue declined by 23.6% from 2008 and excluding one-off events, full year revenue was down 19%.

Expenses were down six percent in the fourth quarter to KRW199.3 billion, and 14.4% to KRW830.1 billion for the whole year as the company continues to reap benefits from its reengineering efforts since late 2008.

Loan loss provisions reduced to KRW227.4 billion for the year following an overall improvement in asset quality and the release of loan loss reserves. The Non-performing loan (NPL) ratio improved to 0.91%, while NPL coverage remained at 184.2%, among the highest level of industry peers.

In 2009, customer deposits grew 22.0% to KRW31.5 trillion as CKI strengthened its liquidity management; while customer loans declined by 6.5% on foreign loan reduction as a result of KRW appreciation and the securitization of consumer mortgaged loans.

“We are satisfied with the overall performance of CKI given the difficult internal and external economic challenges faced in 2009. In 2010, we will focus on a profitable growth strategy that is led by differentiating our products and services,” said YK Ha, CEO of CKI.

한국씨티은행 개요
씨티은행은 1967년 최초로 한국에 진출한 이래 45년 동안 선진 금융 서비스를 국내 고객에게 제공해 왔으며, 2008년 글로벌 금융위기 때 8억불을 증자해 국내 외환시장 안정에 기여했고, 1970년대 석유 파동시 2억불 차관 제공으로 한국의 무역수지 개선에 기여한 공로로 수교훈장 ‘숭례장’을, 1997년 외환위기 당시 240억불 대외 부채 상환 연장에 기여한 공로로 수교훈장 ‘흥인장’을 받는 등 한국 경제가 어려움에 처할 때에 곁에서 힘이 돼 준 친구 같은 은행이다.

웹사이트: http://www.citibank.co.kr