Citibank Reports Record Q1 Profit of 132.8 Billion Won

Citibank Korea announced on May 15 that it achieved a net profit of 132.8 billion won in the first quarter of this year.

This marks a 61% increase compared to the same period last year, reaching the highest level in eight years.

Total revenue for the first quarter was 330.5 billion won, a 23% increase year-over-year. This growth was largely driven by a 77% rise in non-interest income from corporate finance, including foreign exchange, derivatives, and securities-related earnings.

Interest income fell to 104.2 billion won, a 26% decrease from the previous year. The net interest margin (NIM) dropped to 2.01%, down 0.36 percentage points from 2.37% in the same quarter last year.

Total loans decreased by 5% to 9.7741 trillion won due to the gradual phase-out of the consumer finance sector. However, total deposits rose by 16% to 21 trillion won, driven by growth in the corporate finance sector.

Citibank plans to continue expanding corporate loans and securities this year to sustain the upward trend in both interest and non-interest income.

Yoo Myung-soon, CEO of Citibank Korea, stated, "Despite the challenging market environment characterized by geopolitical conflicts and increased volatility in interest and exchange rates, we achieved our best quarterly performance since 2018. This success is a result of significantly enhancing non-interest income in our core business areas, including foreign exchange, capital markets, and securities services."