Citi Indonesia posted a net profit of IDR 569 billion in the first quarter of 2023

We see that the Indonesian economy will remain resilient this year, as seen from the economic growth of 5.03 percent. This is also reflected in Citi Indonesia’s performance

Jakarta (Armfalcon.com) – Citibank NA Indonesia (Citi Indonesia) posted a net profit of IDR 569 billion in the first quarter of 2023, up 52 percent on an annual basis (year-on-year/yoy) from IDR 375 billion in the same period last year.

“We see that the Indonesian economy will remain resilient this year, as seen from the economic growth of 5.03 percent. This is also reflected in Citi Indonesia’s performance,” said Citi Indonesia CEO Batara Sianturi in Jakarta, Monday.

According to Batara, the increase in Citi Indonesia’s net profit was supported by net interest income in the business line Institutional Bankingwhich recorded credit growth Institutional Group by 2.5 percent yoy.

Citi Indonesia’s total assets also increased by 14.4 percent yoy to IDR 101 trillion from the previous IDR 88.9 trillion in the first quarter of 2022. The main contributor to Citi Indonesia’s asset growth was the increase in third party funds by 14 percent to IDR 76.5 trillion.

Citi Indonesia records the Liquidity Adequacy Ratio or Liquidity Coverage Ratio (LCR) was stable at 342 percent, slightly down from last year’s achievement at 343 percent.

Then, Net Stable Funding Ratio or Net Stable Funding Ratio (NSFR) remains strong at the level of 154 percent, which is above the minimum requirement set by the Financial Services Authority (OJK) of 100 percent.

In terms of capital, the Minimum Capital Adequacy Ratio (KPMM) was recorded at 30 percent.

While from the credit side, the ratio of non-performing loans or Non-Performing Loans (NPL) gross fell from 3 percent in the first quarter of last year to 2.8 percent in the same period this year. Likewise, the net NPL ratio fell to 0.07 percent from 0.26 percent in the last year’s period.

“Our commitment to implementing strategic financial management, operational efficiency, and customer-focused solutions has helped us to continue to provide good performance,” said Batara.

Also read: PermataBank posted a net profit of IDR 756 billion in the first quarter of 2023
Also read: Bank BTPN posted a 7 percent net profit growth in the first quarter of 2023
Also read: BSI earned a net profit of IDR 1.46 trillion during the first quarter of 2023

Reporter: Imamatul Silfia
Editor: Faisal Yunianto
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