Citibank (China) Co. Ltd. said Wednesday its net income reached 1.3 billion yuan (190 million U.S. dollars) last year, 95 percent up against 2007, partly due to the resilience and continued growth of China's economy.
It achieved a 46 percent increase in operating revenue last year to reach 3.6 billion yuan, it said.
"Our 2008 financial results reflect the fact that Citi's business in China is in a very strong and stable position," said Andrew Au, board Chairman of Citibank (China).
"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."
Citi China saw a 17-percent increase in RMB lending from 2007. Its Capital Adequacy Ratio reached 13.6 percent, compared to 11.5 percent in 2007.
The bank opened six new consumer outlets in Beijing, Shanghai and Dalian, bringing the total number of outlets in China to 26 last year.
It is the first international bank in China to offer mobile banking services via its debit card, allowing cardholders to use their mobile phone to conduct transactions.
"We are optimistic about China's ability to continue to weather the current global financial crisis, and we take a long-term view regarding our own business in China," Andrew Au said.
(Xinhua News Agency April 15, 2009)
