Citibank, N.A., Indonesia (Citi Indonesia) posted a net income of IDR 569 billion ($38.2 million) in the first quarter of 2023, a 52% increase from the previous year, primarily driven by higher net interest income across the bank’s Institutional Clients Group (ICG).
Citi Indonesia’s total assets steadily grew by 14.4% year-on-year (YoY) to IDR 101.7 trillion ($6.8 billion), mainly driven by a 14% increase in third-party deposits.
Batara Sianturi, CEO of Citi Indonesia stated: “The global economy continues to be challenged by the impact of high inflation and rising interest rates across major economies. Indonesia remains resilient and will likely experience strong growth in 2023. I am pleased to report that Citi Indonesia has demonstrated a solid financial performance during this first quarter. Our net profit increased by 52% with asset growth of 14.4% due to improving business momentum. Our commitment to strategic financial management, operational efficiency, and customer-centric solutions has enabled us to continue to perform well. We have proactively implemented measures to mitigate the impact of inflation in our business, to ensure continued growth and stability of our bank.”
Citi continued to deliver end-to-end service and solutions to clients in local corporations, multinationals, financial institutions, and the public sector. In the first quarter of this year, the ICG registered a 2.5% YoY loan growth.
Citi is proud of its involvement in several notable transactions during the first quarter of this year, including a $ 300 million bond issuance for Bank Mandiri with a three-year tenor, as well as serving as a joint global coordinator on the initial public offering (IPO) of PT Trimegah Bangun Persada, Tbk or Harita Nickel, which was the largest metals and mining IPO in Asia since March 2011.
Re-disseminated by The Asian Banker