ID :
51373
Thu, 03/19/2009 - 14:39
Auther :
Shortlink :
https://www.oananews.org//node/51373
The shortlink copeid
Citibank Korea 2008 net drops 9 pct on higher reserves
SEOUL, March 19 (Yonhap) -- Citibank Korea Inc., the local unit of Citibank Inc., said Thursday its earnings declined 9 percent in 2008 as loan loss provisions increased amid a global credit crunch.
Net income stood at 425.9 billion won (US$305.1 million) last year, compared with
468.1 billion won a year earlier, Citibank Korea said in a statement. Revenue,
however, expanded 19 percent to 1.96 trillion won.
Citibank Korea said it set aside 402.5 billion won in loan-loss provisions last
year as an economic slowdown hurt local debtors' ability to repay borrowings.
As of December, the lender's ratio of nonperforming loans to total lending stood
at 1.24 percent and total assets reached 62.8 trillion won.
Citibank Korea said its capital adequacy ratio, a key measure of financial
health, was 12.71 percent as of December, up 3.31 percentage points from three
months earlier.
Net income stood at 425.9 billion won (US$305.1 million) last year, compared with
468.1 billion won a year earlier, Citibank Korea said in a statement. Revenue,
however, expanded 19 percent to 1.96 trillion won.
Citibank Korea said it set aside 402.5 billion won in loan-loss provisions last
year as an economic slowdown hurt local debtors' ability to repay borrowings.
As of December, the lender's ratio of nonperforming loans to total lending stood
at 1.24 percent and total assets reached 62.8 trillion won.
Citibank Korea said its capital adequacy ratio, a key measure of financial
health, was 12.71 percent as of December, up 3.31 percentage points from three
months earlier.
