Heaptalk, Jakarta — Citi Indonesia has achieved a significant milestone by winning five prestigious titles from the esteemed FinanceAsia Awards 2024. The bank was honored as the Best Bank (International), the Best Corporate Bank for Large corporations and MNCs (International), and for the most innovative use of technology (international).
The company also earned the titles Highly Commended in the categories of Best Commercial bank-SMEs (International) and Best Sustainable Bank (International). According to the FinanceAsia statement, these awards are bestowed in recognition of the company’s outstanding performance and are deemed capable of positively influencing the market amidst turbulent economic conditions.
Citi Indonesia‘s CEO, Batara Sianturi, outlined the company’s strategic vision to be the leading banking partner for institutions with cross-border needs. To realize this vision, the company is implementing a series of proactive measures, including adopting a global perspective, streamlining its operations, enhancing connectivity, and investing in its team.
“We continue to build a high-performing culture that’s passionate about our client’s success. And today, Citi in Indonesia remains a key player among foreign banks in the country as we have since our presence in Indonesia in 1968,” Batara said in a written statement.
Posting a net income of US$154.25 million in 2023
These accolades are a testament to the exceptional performance of each Citi Indonesia business line, which demonstrated robust growth throughout 2023 and made significant contributions to the country. The company’s financial performance was particularly strong, with a net income of Rp2.5 trillion or nearly US$154.25 million (US$1 equals Rp16,207), marking an impressive 82% increase from 2022. This substantial growth in net income led to a rise in return on asset (ROA) to 3.27% and an improvement in return on equity (ROE) to 14.14%. The company’s capital adequacy rate (CAR) remains robust at 37.85%.
Meanwhile, the institutional banking business registered a 15% loan growth, and the global subsidiaries group recorded a double-digit revenue growth through multiple initiatives, including the Asia-to-Asia corridor of the Asian clients investing in Indonesia. The commercial bank also posted a revenue growth of 25% year-on-year.
The bank’s treasury and trade solution (TTS) business recorded significant YoY growth in 2023, with third-party deposits with a steady YoY growth of 5%. As one of the first movers to facilitate the Central Bank’s Term Deposit Program for Proceeds of Exports (DHE) Collection to the country, DHE flow from Q3 to Q4 in 2024 has grown by 35%. Citi Indonesia’s custodian bank or securities services business line also recorded revenue growth of 12% YoY.
