Citibank Korea achieved its highest-ever net profit for the second quarter, driven by increased non-interest income and reduced costs amid favorable capital market conditions.
The bank reported a net profit of 186.8 billion won for the second quarter, an 86% increase compared to the same period last year. This marks the largest quarterly profit in its history. Cumulative net profit for the first half of the year reached 319.6 billion won, a 75% increase from the previous year, also setting a record for the first half.
Total revenue for the second quarter was 368.2 billion won, reflecting a 27% increase. Notably, non-interest income surged to 257.1 billion won, a 59% rise, primarily due to increased revenues from foreign exchange, derivatives, and securities, spurred by strong capital market performance.
In contrast, interest income fell to 111.1 billion won, a 14% decrease, attributed to a decline in the net interest margin (NIM), which stood at 1.81%, down 0.53 percentage points from the same period last year.
As of the end of the second quarter, the Bank for International Settlements (BIS) capital adequacy ratio was 28.24%, while the common equity tier 1 capital ratio was 27.37%.
Yoo Myung-soon, CEO of Citibank Korea, stated, "Despite the volatile market conditions, we have achieved significant results by actively leveraging our capabilities in key business areas such as foreign exchange, capital markets, and securities services, resulting in the highest quarterly net profit in our history."
* This article has been translated by AI.
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