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Citi China's net income up 95% in 2008

By Wang Zhenghua (chinadaily.com.cn)
Updated: 2009-04-15 15:11

Citibank (China) Co Ltd, or Citi China, announced on Wednesday that it achieved a 95 percent surge in net income in 2008 on the back of China's robust economic performance.

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The US bank said its net income jumped to 1.3 billion yuan ($190 million) last year, while it recorded a 46 percent increase in operating income to reach 3.6 billion yuan.

Citi China's performance in 2008 reflected the resilience and continued growth of China's economy, coupled with Citi China's own strengths and ability to deliver superior service to its clients, the bank said.

"Our 2008 financial results reflect the fact that Citi's business in China is in a very strong and stable position," said Chairman Andrew Au. "China remains one of Citi's highest priority markets, we remain deeply committed to helping our customers in China succeed, and we are excited about opportunities for growth in 2009, as we look to continue to support China's sustained economic success."

In 2008, Citi China opened six new customer outlets in Beijing, Shanghai and Dalian. It has 26 such outlets in China now.

Earlier, the British Standard Chartered Bank, one of Citi China's major rivals, said it generated a 27 percent rise in operating income to $632 million on the Chinese mainland last year.