Citibank Taiwan Ltd. (NYSE: C) expects that its pretax profit for 2010 will increase compared to its 2009 profits because of the improving economic situation in the country and its integration of Bank of Overseas Chinese, which was completed in August.
The statement was made by company president Victor Kuan, on Monday. Citibank Taiwan expects a pretax profit of about NT$10 billion (or about $305 million US) this year. The company also stated that the bank’s January-September pretax profit was about NT$8.5 billion.
According to the company’s website, Citibank’s Taiwan operations had a pretax profit of about NT$15.2 billion in 2008.
Kuan declined to provide an estimate or a range of growth for the bank’s expected 2010 pretax profit.
