Citigroup 2007 China operating income almost doubles

New York-based Citigroup Inc., America's largest bank in terms of assets, saw a robust increase of 99% year-on-year in its 2007 operating income in China, according to its Chinese subsidiary Citibank (China) Co yesterday.

The bank ascribed the sharp increase of its operating income to more loans and asset management products it offered in China last year. For the 2007 fiscal year, Citibank (China) gained operating income of RMB 2.2 billion (US$315 million), with net profit amounting to RMB 665 million. But it didn't provide comparable statistics a year earlier.

Citibank (China) extended its loans to China with a fast speed, nearly up 30% last year compared with 2006, while deposits surged 70% from a year earlier. Its non-performing loan ratio stood at 0.2% by the end of 2007, versus the average ratio of 0.46% for overseas banks operating in China, which indicated Citibank (China)'s strict management on bankroll fluidity and firm control on loan growth, according to insiders from Citigroup.

At present, Citigroup owns 25 outlets in China.