Korea Citibank Reports Net Profit of 311.9 Billion KRW Last Year, Up 12.4% YoY

Korea Citibank announced on the 28th that it recorded a net income of 311.9 billion KRW last year. This represents a 12.4% increase compared to 2023. Total revenue rose by 4.2% year-on-year to 1.1758 trillion KRW.

As of the end of December last year, the BIS capital adequacy ratio and common equity tier 1 ratio stood at 34.28% and 33.2%, respectively, marking increases of 1.69 percentage points compared to the previous year.

Interest income decreased by 12.2% due to a reduction in loan assets in the consumer finance sector, but non-interest income, centered on corporate finance including foreign exchange, derivatives, and securities-related income, increased by 56.5%. Expenses rose by 1.8% year-on-year to 642.3 billion KRW.

Credit loss expenses amounted to 128.5 billion KRW, a 5.6% decrease from the previous year, which Citibank explained was mainly due to a reduction in credit loss expenses in the consumer finance sector.

Due to the phased discontinuation of the consumer finance sector, customer loan assets as of the end of December last year decreased by 23.9% year-on-year to 8.5 trillion KRW, and deposits recorded 18 trillion KRW, down 4.5% from the previous year.

Last year, the return on assets and return on equity were 0.74% and 5.31%, respectively, representing increases of 0.14 percentage points and 0.53 percentage points compared to the previous year.

Myung Soom Soon, CEO of Korea Citibank, stated, “Going forward, our bank will continue to leverage its unique competitiveness in cross-border financial transactions to proactively respond to changes in the global financial market, and provide timely solutions needed by domestic corporate clients expanding their business overseas and foreign corporate clients investing in the Korean market, thereby achieving sustainable growth.”

Meanwhile, Korea Citibank held its 42nd regular shareholders’ meeting at its Jongno headquarters in Seoul on the same day. At the executive nomination committee meeting held on the 14th of last month, current outside directors Ji Dong Hyun, Min Sung Ki, and Kim Min Hee were each reappointed for a one-year term. Kim Young Ki, former standing auditor of KB Kookmin Bank, was newly appointed as an outside director for a two-year term.

This content was produced with the assistance of AI translation services.