Citibank Korea Achieved Strong Q1 Result
Citibank Korea posted its strongest quarterly earnings in more than six years, with first-quarter net income jumping 61% from a year earlier on the back of robust growth in noninterest income.
Citibank Korea reported 132.8 billion won ($88 million) in net income on revenue of 330.5 billion won, up 23 percent from a year earlier, driven by a 77 percent increase in noninterest revenue from its core businesses, including fixed-income trading, the bank said in a statement.
First-quarter expenses increased 1 percent on year to 156.4 billion won, while the cost of credit posted a net reversal of 600 million won, down 111 percent from a year earlier due to lower credit costs in the corporate banking sector.
Return on equity for the quarter rose 3.81 percentage points to 9.73 percent.
«Despite a challenging environment marked by geopolitical conflicts and increased volatility in interest and foreign exchange rates, CKI delivered its best quarterly performance since 2018,» said the bank’s CEO, Yoo Myung-soon.
«This is the result of significantly expanding non-interest revenue in our core business across Banking, Markets and Services, which we are strategically focusing on and leveraging Citi's global network This performance is in line with Citi's global progress, which achieved its best results in a decade in the first quarter.”
