HSBC, Citibank show contrasting fortunes

Citibank New Zealand, the local branch of US-based Citigroup, has reported a net profit of $24.4 million in the year to December 31. The result is up 6.6 per cent from 2000. HSBC's New Zealand branch recorded a net profit after tax of $16.401 million in the year to December 31. That was down 38.8 per cent on 2000.