Up 32 Percent, Citi Indonesia Books Net Profit Of IDR 2.2 Trillion In The Third Quarter Of 2024

Photo: Doc. Citi Indonesia

JAKARTA - Citibank, NA, Indonesia (Citi Indonesia) posted a net profit of IDR 2.2 trillion in the first nine months of 2024. This figure increased 32 percent compared to the same period last year.

Citi Indonesia Batara Sianturi CEO said that the increase in net profit was one of the results of the company's operational cost efficiency.

"A more efficient operational cost that resulted in an improvement in the Cost to Income Ratio (CIR) to 41.9 percent from 59.8 percent in the previous year," he said at a press conference at the Fairmont Hotel, Jakarta, Wednesday, November 13.

Batara also said that this increase in net profit contributed to the increase in Return on Asset (ROA) to 4.1 percent from the previous 2.8 percent in 2023 and the increase in Return on Equity (ROE) to 15.4 percent from 12.7 percent.

Meanwhile, Citi Indonesia's Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) remain strong at 291 percent and 124 percent, above the minimum stipulation.

"Citi Indonesia has strong capital with a Minimum Capital Provision Obligation Ratio (KPMM) of 33.1 percent, an increase from 30.5 percent in the previous year," he said.

Batara said that in the third quarter of 2023, Citi Indonesia also launched a new solution for our client, the Electronic Trade Loan, which is integrated into the CitiDirect total application and makes it easier for customers to regulate their financial performance holistically.

"We will continue to support the financial growth of our clients and the resilience of the banking sector in Indonesia through our strategic initiative and commitment to providing comprehensive financial services and solutions," he said.

On that occasion, Batara said the banking business, which includes Corporate and Investment Banking, Global Network Banking, and Commercial Banking, also continues to record good revenue growth amid challenging external conditions.

In particular, he continued, Global Network Banking achieved this through various initiatives, including the performance of the Asia-to-Asia corridor which serves the business interests of Asian clients who invest in Indonesia.

This growth is proof of a strong business framework that has been built over the years. Citi continues to provide services and solutions to clients of local, multinational companies, financial institutions, and the public sector," he explained.