Citibank Korea Reports KRW 37.1 billion in Net Income for the third quarter 2012
Interest revenue was down 9.7% year over year and down 7.1% from the prior quarter to KRW 346.3 billion mainly due to worsening net interest margins of 23bps and 40bps compared to the prior quarter and prior year period respectively and a decrease in customer assets. Non-interest revenues were down 80.9% year over year and 17.9% from the second quarter 2012 mainly due to lower fee income from investment products and lower FX/derivatives gains. Non-operating revenues were up 59.3 billion year over year mainly due to AFS sales gain in the third quarter 2012
Third quarter 2012 expenses were KRW 286.5 billion, up 34.9% year over year and up 25.5% from the prior quarter mainly due to a higher charge related to the valuation of retirement plan future obligations, offset by a decrease in other operating expenses. Excluding one-timers, third quarter 2012 expenses were up 2.0% from the prior quarter and 3.0% above the prior year period.
Third quarter 2012 loan loss provisions & other allowances were KRW 81.4 billion, up KRW 38.6 billion year over year mainly due to a litigation reserve of KRW 40.9 billion and up KRW 4.8 billion from the second quarter 2012. The non-performing loan (NPL) ratio was 1.30%, 18bps up year over year and 1bps higher than the prior quarter. The NPL coverage ratio was 176.3%, 7.7% higher year over year and 1.3% lower than the prior quarter.
At the end of September 2012, Customer loans were down 6.3% year over year mainly due to a decrease in mortgage loans and corporate loans.
“CKI’s 3Q12 results reflect a challenging economic & credit environment and we expect conditions to remain challenging for the industry. We remain focused on serving our clients and improving profitability and productivity.”, said YK Ha, CEO of CKI.
Website: http://www.citibank.co.kr
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3월 28일 16:56