Citibank Korea Reports KRW 142.0 billion in Net Income for the first quarter 2011
CKI’s revenues in the first quarter 2011 were KRW 401 billion, up 2.5% from the prior quarter and up 4.7% year on year due to higher interest revenues offset by lower non-interest revenues.
Interest revenue growth was driven mainly by a net interest margin and an increase in earning assets. Non-interest revenues were down 13.7% compared to the prior quarter due to higher card acquisition costs. Non-interest revenues were down 14.7% year on year due to lower sales and trading revenues offset by higher fee income from investment and bancassurance products.
Net Income for the first quarter 2011 was 68.1% higher than the prior quarter due to higher revenues, lower expenses and lower loan loss provisions. Net income was 4.3% lower than the first quarter of 2010 mainly due to loan loss provision releases that took place in the first quarter of 2010 and slightly higher expenses offset by higher revenues.
First quarter 2011 expenses were KRW 208.2 billion, 13.2% lower than the prior quarter mainly due to a one-time expense in the prior quarter and a reduction in other operating expenses. Year on year, expenses were up 1.5% with a continued focus on strong expense management.
Loan loss provisions decreased by KRW24.6 billion compared to the fourth quarter 2010 due to lower required provisioning and increased KRW 22.6 billion compared to the same period of last year due to a release in the first quarter of 2010, The Non-Performing Loan (NPL) ratio was 1.35%, a 1 bps improvement from the previous quarter and up 27bps year on year while the NPL coverage ratio stood at 145.2%.
Customer loans increased 4.2% over the prior quarter and 7.2% year on year driven by increases in mortgage loans and trade assets. Customer deposits were down 1.3% quarter on quarter and down 3.4% from a year ago as part of an ongoing funding optimization strategy.
“We are pleased with the strong first quarter performance and business momentum. CKI will continue to focus on a responsible growth strategy by putting the client first, a differentiated service, brand awareness improvement and business network expansion”, said YK Ha, CEO of CKI.
Website: http://www.citibank.co.kr
Contact
Huh, Kap-Seung
Communication Dept. Citibank Korea Inc.
82-2-3455-2340
This news is a press release provided by Citibank Korea Inc..
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2월 13일 10:59
