Citibank Korea posts record net profit in first three quarters

Citibank Korea said Friday its cumulative net profit through the third quarter reached a record 445.2 billion won ($334 million), up 79 percent from the same period a year earlier.

Cumulative revenue through the first three quarters came to 1.03 trillion won, up 28 percent year on year.

For the third quarter alone, the bank posted revenue of 331.6 billion won and a net profit of 125.5 billion won, representing year-on-year increases of 34 percent and 92 percent, respectively.

The primary driver was a 64 percent surge in non-interest income from corporate banking activities, including gains from foreign exchange, derivatives and securities.

Interest income fell 2 percent from a year earlier, reflecting a decline in net interest margin.

Third-quarter expenses fell 2 percent year on year to 151.8 billion won. Credit costs rose 51 percent to 11.3 billion won, attributed to a base effect from lower loan-loss provisions in corporate banking during the same period last year.

Total loans as of end-September stood at 10.4 trillion won, down 11 percent year on year, reflecting a decrease in repurchase agreements and the phaseout of the consumer banking segment. Securities holdings rose 21 percent to 20.2 trillion won, while deposits grew 5 percent to 21.6 trillion won.

The bank's return on assets for the first three quarters of 2026 was 0.80 percent and return on equity was 8.67 percent, up 0.33 percentage points and 3.96 percentage points, respectively, from the same period a year earlier.

As of end-September 2026, Citibank Korea's BIS capital adequacy ratio stood at 32.20 percent and its common equity tier 1 ratio at 31.30 percent, down 2.20 percentage points and 2.22 percentage points, respectively, from 34.40 percent and 33.52 percent a year earlier.

"Citibank Korea delivered solid results in the third quarter of 2026, underpinned by the competitiveness of our core businesses," Chief Executive Officer Kim Kyung-ho said. "We have demonstrated the robust fundamentals of our key businesses even amid heightened market volatility and a period of correction."

Meanwhile, Ernesto Torres Cantú, Citigroup's head of international operations, met Friday with Financial Services Commission Vice Chairman Shin Jin-chang at Government Complex Seoul to discuss plans for continued investment in South Korea's financial markets.