Citibank Korea Inc. (CKI) today reported a net income of KRW 84.9 billion ($63.3 million) for the first quarter of 2023 on revenues of KRW 286.8 billion ($214.02 million).

Net income was up 112% year-on-year (YoY), compared to net income of KRW 40.1 billion ($29.9 million) on revenues of KRW 243.6 billion ($181.7 million) for the first quarter of 2022.

CKI’s total capital ratio and common equity Tier 1 capital ratio on 31 March 2023 were 27.15% and 26.07%, respectively from the prior year’s 17.42% and 16.64%.

Myung-Soon Yoo, CEO of CKI said: “Despite ongoing uncertainty in global financial markets and growing concerns about economic recession, CKI’s net income grew by 112% YoY to KRW 84.9 billion ($63.3 million) for the first quarter of 2023 on the back of remarkable growth in Institutional Clients Group (ICG), CKI’s major business segment. CKI ICG has been providing differentiated financial services by effectively leveraging Citi’s unparalleled global network and utilising superior product capabilities that enable tailored solutions in response to the varied demands of our institutional clients. As a result, ICG grew revenue more than 70% YoY for the first quarter of 2023.”

“CKI, as a trusted partner for institutional clients, will continue to maintain our position as a market-leading financial service provider based on our top-tier capital strength and financial stability,” Yoo said.

Re-disseminated by The Asian Banker