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Citi Indonesia records a net income increase of 54% reaching US$78.7m in H1 2023

Sinta by Sinta
October 9, 2023
in Industry, News
0
citi indonesia

Batara Sianturi, CEO of Citi Indonesia (center) at the press conference in Jakarta (08/10). Image: Citi Indonesia

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For Retail Banking, Citi Indonesia has maintained its digital banking growth with an 86% increase in digitally acquired credit card customers in Q2 2023.

Heaptalk, Jakarta — Citi Indonesia managed to reap a net income of Rp1.2 trillion, approximately US$78.7 million (US$1 equals Rp15,247) in H1 2023, which rose 54% compared to the previous year. One of the driving factors is higher net interest income. Another driving factor is the loan portfolio which grew by 10.4%. The growth is mainly seen in manufacturing as well as financial intermediary and insurance sectors.

The CEO of Citi Indonesia Batara Sianturi conveyed that his party remains concerned about its commitment to building a strong foundation and a progressive approach to navigate the complexities of the global market in an effort to support Indonesia’s economic growth.

“Indonesia’s economy experienced growth and stability in the second quarter of this year. This shows our resilience amidst the global economic downturn. We also experienced the same achievement at Citi Indonesia where we continue to show strong financial performance in the first half of this year,” stated Batara at the press conference in Jakarta (08/10).

The bank recorded a strong liquidity coverage ratio (LCR) of 297% and a net stable funding ratio (NSFR) of 136%, which is above the minimum requirements. The capital adequacy ratio (CAR) remained at 28.7%. Gross non-performing loan (NPL) is stable at 2.9% and the bank continues to ensure the adequacy of credit loss provisions with net NPL maintained at 0.3%.

The Institutional Clients’ Group recorded a 12.7% loan growth with a significant contribution from the manufacturing and financial and insurance sectors. The revenue of the Global Subsidiaries Group reached 14% despite the challenging market conditions. Citi Commercial Bank posted revenue growth of 28% in Q2 2023 which was mostly driven by multinational clients and cash management.

The Treasury and Trade Solutions grew positively in Q2 this year. Transaction volume on the back of clients’ operational activities rose for both local and foreign currency, contributed by third-party deposits with steady growth of 22%. Trade finance also posted a 16% growth with the support of digital platforms to ease transaction facilitation between exporters, importers, suppliers, and buyers.

A growing number of digitally acquired credit card customers

For the Retail Banking business, Citi Indonesia has maintained its digital banking growth with the number of new credit card customers acquired through digital channels increased by 86% at the end of Q2 2023 compared to the same period last year. Additionally, digital loan portfolio sales also rose to 12%.

The bank also launched a traditional insurance product for High Net Worth customers in Indonesia, namely AIA My Legacy, in collaboration with AIA. In the midst of the divestment process, the bank managed to maintain new customer growth in the Citigold segment by 5% in comparison to the same period last year and posted positive net revenue from the WealthManagement business and an 11% increase in revenue from the bancassurance business compared to the previous quarter.

Meanwhile, for the Cards and Loans business, Citi Indonesia has reached the Credit Card Issuing Sales recovery to the pre-pandemic level. “Digital engagement of customers has been a priority since the Citi Mobile revamp in 2020. This effort resulted in the consistent growth of monthly active rate as much as three times higher by the end of the second quarter of 2023,” Batara concluded.

Tags: citi commercial bankciti indonesia

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