RETAIL BANKING | Cesar Tordesillas, Korea

Citibank Korea Q3 net up 20.6%

Citibank Korea's third-quarter earnings jumped 20.6 percent from a year earlier.


This was due to increased interest income and higher returns from foreign-currency derivatives trading.

Net income came to 139.2 billion won or US$121.5 million in the July-September period, compared with 115.5 billion a year earlier, the lender announced. Compared with three months earlier, however, earnings slipped 3.3 percent.

The lender said its third-quarter revenue climbed 13.4 percent on-year to 438.3 billion won.

The bank said its interest profit gained 14.1 percent on-year to 383.7 billion won in the third quarter. Its non-interest income soared 56.7 percent to 52.9 billion won as earnings from handling foreign exchange derivatives increased.

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