Citibank Korea posted a 92 percent jump in net profit in the third quarter from a year earlier, helped by an increase in non-interest income. Interest income fell due to a decline in the net interest margin, but non-interest income rose sharply on its core businesses such as foreign exchange and capital markets, driving improved results.

Citibank Korea said on Nov. 13 its third-quarter net profit rose 92 percent from a year earlier to 125.5 billion won. That was 33 percent lower than the previous quarter’s record of 186.8 billion won.

Net profit for the first three quarters rose 79 percent from a year earlier to 445.2 billion won.

Third-quarter total revenue rose 34 percent from a year earlier to 331.6 billion won. Non-interest income climbed 64 percent to 222.6 billion won, leading the overall revenue increase. Interest income, however, fell 2 percent to 109.0 billion won due to the impact of a lower net interest margin. Costs fell 2 percent to 151.8 billion won.

Total loans stood at 10.4 trillion won at the end of the third quarter, down 11 percent from a year earlier. The decline reflected reduced purchases of repurchase agreements and the phased closure of the consumer finance segment. Securities rose 21 percent to 20.2 trillion won, and deposits increased 5 percent to 21.6 trillion won.

The Bank for International Settlements capital ratio, a key measure of capital adequacy, was 32.20 percent, while the common equity tier 1 ratio was 31.30 percent.

Citibank Korea CEO Kyung-ho Kim (김경호) said the bank delivered solid results in the third quarter on the competitiveness of its core businesses, including foreign exchange, capital markets, transaction and securities services.