Citibank Korea Reports KRW 91.2 billion in Net Income for the second quarter 2010

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2010-08-16 15:14

서울--(뉴스와이어)--Citibank Korea Inc. (CKI, CEO YK Ha, www.citibank.co.kr) today reported second quarter 2010 net income of KRW 91.2 billion on revenues of KRW 414.0 Billion. Return on assets (ROA) and return on equity (ROE) were 0.62% and 7.12%, respectively. CKI’s Basel II Capital Adequacy Ratio and Tier 1 Capital at June 30 2010 were estimated at over 16.6% and 13.7%, respectively.

Revenues of KRW 414.0 billion increased 11.6% and income before tax of KRW 125.5 billion increased 10.6% from the first quarter of 2010. Net Income was 0.4% lower than the first quarter due to one-off tax release of KRW 6.8 billion related to tax assessment on Samsung Life Insurance shares in the first quarter.

The increase in revenues was largely due to a recovery in non-interest revenues, mainly higher earnings in sales & trading, fee income from insurance products sales and a one-time equity sales gain of KRW 32.2 billion. Net interest revenues grew slightly by 0.6% from the previous quarter as a result of an increase in earning assets, partially offset by a net interest margin contraction which reduced by 10 bps to 2.67% from the previous quarter due to a decline in market rates.

Expenses were down 2.8% from the previous quarter thanks to continued strong expense management and re-engineering efforts. The expense-to-revenue ratio improved to 47.6% from 54.7% in the first quarter.

Loan loss provisions were up KRW 36.8 billion from the previous quarter due to a continued challenging credit environment. The Non-Performing Loan (NPL) ratio was 1.52% and the NPL coverage ratio was 125.1%

Deposits decreased 2.4% from the prior quarter but are up 15.8% from a year ago driven mainly by an increase in savings & time deposits thanks to a series of new product launches and effective marketing activities. Total customer loans have increased 3.6% from the prior quarter and 4.1% from a year ago due to a rise in SME loans, trade asset and consumer mortgage loans.

“We are pleased with the second quarter’s performance despite a challenging rate and credit environment. We are cautiously optimistic that the operating environment for the second half of the year will be better. CKI will focus on increasing our market share profitably through putting our clients first, enhancing our brand awareness, investing in growth while continuing to improve operating efficiency”, 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