Korea Citibank Reports Q3 Net Profit of 20.5 Billion KRW, Down 71% YoY
[Asia Economy Reporter Yoo Byung-don] Citibank Korea announced on the 12th that its net profit for the third quarter of this year was 20.5 billion KRW, a 71.1% decrease compared to the same period last year.
Total revenue for the third quarter also decreased by 14.5% to 256.4 billion KRW from 299.9 billion KRW in the third quarter of last year.
Citibank Korea explained that the decrease in total revenue was mainly due to "a decline in interest income caused by higher funding costs and an increase in low-yield liquid assets, which lowered the net interest margin."
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During the same period, interest income for the third quarter was 199.6 billion KRW, down 6.2%. Non-interest income was 56.8 billion KRW, decreasing 34.7% due to reduced gains from bonds and the sale of non-performing loan assets.
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