Citibank Korea more than doubled its net income in the first quarter of 2023 due to revenue growth from its institutional business.
Citibank Korea reported a net income of 84.9 billion South Korean won ($63 million) in the first quarter roof 2023, according to a statement, marking a 112 percent year-on-year increase. According to Citibank Korea Inc. (CKI) chief executive Myung-Soon Yoo, this was due to an ability to leverage its global network and product capabilities to enable tailored solutions for its institutional clients group (ICG), the bank’s major business segment.
«Despite ongoing uncertainty in global financial markets and growing concerns on an economic recession, CKI grew net income […] on the back of remarkable growth in ICG,» Yoo said. «ICG grew revenue more than 70 percent year over year for the first quarter of 2023.»
CKI’s total capital ratio climbed to 27.15 percent while its common equity Tier 1 capital ratio also increased to 26.07 percent, up 9.73 and 9.43 percentage points, respectively.
