Citibank KoreaCKI Reports KRW 91.6 billionn in Net Income for the first quarter 2010

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2010-05-14 16:37

서울--(뉴스와이어)--Citibank Korea Inc. (CKI, CEO YK Ha, www.citibank.co.kr) today announced it reported net income of KRW 91.6 billion for the first quarter 2010, up 160.8% from the previous quarter, but down 21.3% from a year ago. Return on assets (ROA) and return on equity (ROE) were 0.64% and 7.32%, respectively. CKI’s Basel II Capital Adequacy Ratio and Tier 1 Capital at March 31 2010 were estimated at over 17% and 14%, respectively.

Net income was 160.8%Total revenue of KRW 370.9 billion increased 14.9% sequentially, mainly driven byhigher than the previous quarter due to a recovery in higher net non-interest revenue. . This was due to hHigher earnings in sales & trading, fee income from insurance products sales, and gains on AFS sales were the main drivers of the improvement. Net interest revenue declined slightly by 0.3%, as

Nnet interest margin was down contracted by 6 bps to 2.77% from the previous quarter due to changes in asset mix and our efforts to keep the best loan to deposit ratio in the industry. As a result, net interest revenue declined slightly by 0.3%.

Expenses were up by 1.8% from the previous quarter mainly due to the release of a salary increase accrual in the fourth quarter. Taking this into account, the first quarter expenses were down 2.9% compared to the fourth quarter and 1.4% down on the same period last year thanks to continued re-engineering efforts.

Loan loss provisions were up 12.8% from the previous quarter but down 58.1% compared to the same period last year. The Non-Performing Loan (NPL) ratio was 1.08%, 0.17% up 0.17% basis points sequentially, on the previous quarter ddue to effects such as lower write-offs and non-performing loans sales than the previous quarter, but lower by 0.58% compared to the same period a year ago. NPL coverage was 161.9%.

Deposits grew 10.9% from the previous quarter, driven mainly by an increase in time deposits and foreign currency deposits thanks to a series of new product launches and effective marketing activities. Deposits were up 32.5% from a year ago. Total customer increased 2.8% from the prior quarter due to a rise in SME loans, offset by a decrease credit card receivables and consumer loans as a result of the securitization of consumer mortgage loans.

“We are pleased with the first quarter’s performance following improvement in the business environment and recovery in the global financial markets. We also are seeing the benefits of our focus on our ‘Client First’ initiative and continuing efforts on re-engineering and proactive liquidity management”, 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