The Citibank Rt., a member of Citigroup, today announced that it increased its pre-tax profit by 67.3 percent, to HUF 8.7 billion last year. Loans increased by 11% to HUF149.3 billion. Return on Equity (ROE) increased to 29.4% from 18.6% a year earlier and Return on Assets (ROA) increased from 1.6% to 2.3%.

Last year represented a major milestone in the life of Citibank Rt. marking the 15th anniversary of the bank's presence in Hungary.

The bank continued to introduce new products to meet the needs of its customers. These included CitiDirect Online Banking Internet services for corporate customers. CitiDirect enables customers in Hungary and the world at large to access real time information reporting and make transactions through the web. Companies can track and monitor transactions, view account balances in detail, make online inquiries as well as make online transactions. With CitiDirect, Citibank is building the infrastructure that will also serve as a foundation for many of the value-added services that the bank is developing on the Internet.

2001 also marked an important milestone in Citibank's credit card business. In November, the number of credit card customers reached 100,000. Citibank was the first bank to offer real credit cards to Hungarian consumers in 1999. Today the bank offers the widest range of credit cards including Silver and Gold VISA and Eurocard-Mastercard and the co-branded Westel credit cards allowing customers to select the type of credit card best suited to their needs

In September, the bank launched the Westel-Citibank co-branded Gold Card as well as utility payment services that enable Westel co-branded card owners to automatically pay their mobile telephone bills from their card.

In November, Citibank extended credit card related services with Credit Shield, an insurance product provided by Generali-Providencia Rt.

In June, Citibank announced an extension to its product range after reaching an agreement with Credit Suisse Asset Management Hungary Alapkezelo Rt. to distribute their 'Credit Suisse Hungarian Fixed Income Fund'. The decision to distribute these funds is part of Citibank's long-term investment strategy to provide an extensive range of products to clients. In keeping with this strategy, the bank extended its investment product offering by launching distribution of four new mutual funds in November: AEGON Local Bond Fund, AEGON Local Equity Fund, AEGON International Bond Fund, AEGON International Equity Fund.

In 2001 Citibank Hungary won a number of Awards:

1997-2001 "Top Rated Custodian in Hungary" award for the fifth consecutive year by Global Custodian.
2001 "Most popular bank for clearing in equities" and "Best bank for Clearing in Fixed Income" by Global Investor Magazine

Mark T. Robinson, Country Corporate Officer, said, "Citibank Rt. will continue to invest in the Hungarian market. Our overall objective is to serve multiple customer segments through multiple distribution channels across the entire country. The bank is also committed to being an active and supportive member of the communities in which we do business."

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About Junior Achievement Hungary
Junior Achievement Hungary (JAM) is a licensed franchise of Junior Achievement International. The foundation has been running its programs in Hungary since 1992. Eleven separate programs targeted from kindergartens to high schools are currently being offered to 26,000 students in 86 cities and villages across Hungary. The mission of JAM is to provide students with the opportunity to learn about the business environment and free market economy through a dynamic partnership between businesses and schools. By attending these programs, students acquire knowledge and essential skills that will help them become educated consumers, more productive employees and more responsible members of the business community.