Citibank Korea doubles net income in Q1

The net income of KRW84.9b for Jan-March 2023 is 112% higher than a year ago.

Citibank Korea (CKI) doubled its net income in Q1 2023, the bank announced in a press statement.

Net income for the first three months of the year is KRW84.9b, 112% higher year-on-year compared to the KRW40.1b reported for Q1 2022.

Total capital ratio and common equity Tier 1 capital ratio were 27.15% and 26.07%, respectively, as of 31 March 2023.

The higher income was thanks to the Korea franchise’s strong growth in the ICG, CKI’s major business segment.

“CKI ICG has been providing differentiated financial services by effectively leveraging Citi’s unparalleled global network and utilizing superior product capabilities that enables tailored solutions in response to the varied demands of our institutional clients. As a result, ICG grew revenue more than 70% year over year for the first quarter of 2023.” said Myung-Soon Yoo, CEO of CKI.

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