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(LEAD) Citibank Korea's net income slips 15.7 pct in Q3

2017/11/14 18:42

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(ATTN: CORRECTS tense and overall outlet figure in 2nd para from bottom)

SEOUL, Nov. 14 (Yonhap) -- Citibank Korea Inc. said Tuesday its net profit for the third-quarter of this year dipped 15.7 percent on year, hit by a slight decline in interest income.

Citibank Korea, the South Korean unit of Citigroup Inc., posted a net profit of 55.1 billion won (US$49.3 million) for the July-September period, compared to a profit of 65.3 billion won a year earlier.

In the first nine months of this year, Citibank Korea's net profit rose 9.3 percent on year to 172.2 billion won, the bank said in a statement.

During the third quarter, Citibank Korea's non-performing loan ratio fell 0.13 percentage point to 0.51 percent, while its coverage ratio for non-performing loans rose 23.7 percentage points to 154 percent, according to the statement.

Citibank Korea has closed 90 of its 134 outlets as part of its "transformation strategy" to strengthen its wealth management business.

The bank had originally planned to close 101 outlets, but scaled back the number due to fierce protest from its labor union.

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angloinfo.com