Citibank Taiwan Ltd (台灣花旗) is expected to report NT$11 billion (US$344.6 million) in revenues for last year, president Victor Kuan (管國霖) said yesterday. The bank posted NT$10.3 billion in revenues as of Nov. 30.
Although last year’s full-year revenue was 26 percent below that of the NT$15 billion posted in 2008, Kuan expects a better year this year.
“We expect [the bank] to do better this year than last year,” Kuan said after a charity function.
“We experienced a rebound in businesses in the second half of last year, especially in the wealth management segment, which recovered faster than any other businesses,” he said, adding that his bank clients had seen a return of between 15 percent and 30 percent on investments from about a year ago when the local economy hit bottom.
The Financial Supervisory Commission’s latest statistics showed that the bank posted NT$6.84 billion in pre-tax profit in the first 11 months of last year — the highest among 32 foreign banks.
CAUTIOUSLY OPTIMISTIC
Kuan, however, took a cautiously optimistic view on the bank’s and the macroeconomic prospects this year, saying that uncertainties over interest rate hikes, inflation, high valuation in share prices and possible economic dips in the US and China could still spell bad news.
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