Citi Singapore Posts Gains, 20 Per Cent Rise In Client Numbers

Vanessa Doctor

27 May 2010

Citi Singapore posted strong profits in the year to 31 December 2009, up 2.1 per cent from $703.6 million in 2008 to $718.6 million.

The result was driven by positive performances throughout its corporate banking, commercial banking, investment banking, transaction services, private banking and trading divisions, hitting a total gain of $226.9 million. Revenues were recorded at $1.6 billion, while profit before tax grew from $820.1 million to $828.8 million.

"The results for last year speak to the strength of our franchise here, as well as the depth and breadth of the businesses in which we are represented," said Michael Zink, the country head and city country officer for Singapore.

Citi Singapore saw a 20 per cent rise in client numbers in 2009, complemented by the opening of two new branches. It is poised to open three or four more in the next years, with the Marina Bay Sands branch set to launch this year. To date, Citi has 22 branches in the city-state.