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Citibank Singapore has reported strong profit for the financial year of 2009.
A 2.1-percent increase in net profit to a record $718.6 million from 2009 was posted by the local consumer banking arm. This came despite a six-percent drop in its interest income to $758.6 million. Still, its revenue rose 3.9 percent to $1.56 billion, due to a 42.3-percent rise in dealing profit as well as other income to $487.2 million.
According to citibank, it continued to register profitability across customer segments and product lines including deposits, secured and unsecured loans. Unsecured lending portfolio, including credit cards and Ready Credit, grew by 15 percent, while its retail assets business increased six percent.
Particularly, its credit card business registered a vigorous growth in 2009, with total card spending growing four times faster than the industry average.
Meanwhile, it said that its net profit dropped 10.2 percent on-year to $226.9 million. That is because its fee and commission income dropped 40.6 percent to $66.4 million, although its net interest income increased 43.4 percent to $233.4 million.
Together, its revenue dropped 29.9 percent to S$449.3 million.
Additionally, Citicorp Investment Bank, under which Citibank books its investment banking and capital market deals, said its net profit plunged 59.3 percent in full year to $101 million. This was on the back of its dealing profit and other income dropping 69.3 percent to $111.7 million.
However, its net interest income rose 21.5 percent to $280.9 million and its revenue was down to 24.1 percent to $519.9 million.