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Photo = Citibank Korea |
[Alpha Biz= Paul Lee] Korea Citi Bank has approved an interim cash dividend of approximately 230.1 billion KRW (about $175 million) to be paid out in July, according to a May 29 disclosure by the Korea Federation of Banks.
The move follows last year’s combined dividends totaling around 556 billion KRW, which included a 400 billion KRW interim dividend and a 155.9 billion KRW year-end dividend. These payments amounted to about 178% of the bank’s estimated 2024 net profit of 311.9 billion KRW.
Due to its ownership structure, the full dividend amount will be remitted to the U.S. parent company, Citi Bank Overseas Investment Corporation, which is wholly owned by Citigroup and holds a 99.98% stake in Korea Citi Bank.
The bank noted that following the gradual exit from consumer finance starting in 2021, it has focused on corporate banking growth, leading to a reduction in risk-weighted assets and an increase in net profit. Since the fourth quarter of 2023, the bank’s capital adequacy ratio has exceeded 30%.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
