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Citi's China unit net soars

CITIBANK (China) Co yesterday said its net income soared 95 percent last year as it rode on China's strong economy.

Its net income rose to 1.3 billion yuan (US$190 million) last year while its operating income jumped 46 percent in the same period to 3.6 billion yuan, the bank said yesterday in a statement.

"Our 2008 financial results reflect the fact that Citi's business in China is in a very strong and stable position," said Andrew Au, chairman of Citibank (China) Co. "China remains one of Citi's highest priority markets, and we are excited about opportunities for growth in 2009 as we look to continue to support China's sustained economic success."

Citibank (China) is Citibank's locally incorporated subsidiary on the Chinese mainland. Citibank, which first established an office in China in 1902 in Shanghai, locally incorporated in the mainland in April 2007.

Citi China's capital adequacy ratio expanded to 13.6 percent by the end of last year, a rise from 11.5 percent in 2007. Its loan-to-deposit ratio stands below the 75-percent regulatory requirement. The bank's non-performing loan ratio last year stood at 0.6 percent.


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