Citibank Books Net Profit Of IDR 2.6 Trillion Throughout 2024

Citi Indonesia (photo: Antara)

JAKARTA - Citibank, NA, Indonesia (Citi Indonesia) posted a net profit of IDR 2.6 trillion throughout 2024. This achievement was driven by more efficient operating expenses which resulted in an improvement in the Cost to Income Ratio (CIR) to 40.4 percent from 65.7 percent in the previous year.

CEO of Citi Indonesia Batara Sianturi said, amid global economic uncertainty triggered by geopolitical tensions and market volatility, his party remains vigilant in the face of complex market dynamics. Then also ensures that Citi can continue to adapt to regulatory changes while continuing to innovate and serve clients.

"Reviewing Citi Indonesia's performance in 2024, Citi Indonesia posted an increase in net profit of IDR 2.6 trillion, due to more efficient operating expenses in line with the transformation of our organization," Batara said at a press conference in Jakarta, Thursday, April 24.

He explained that Citi's increase in net profit contributed to the increase in Return on Assets (ROA) to 3.7 percent from the previous 3.3 percent in 2023 with Return on Equity (ROE) at 13.7 percent.

Then, Citi Indonesia's Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) also remain strong at 333.8 percent and 166.3 percent, above the minimum stipulation. Citi Indonesia has strong capital with an Obligation Ratio for Capital Provision (KPMM) of 40.5 percent, an increase from 37.9 percent in the previous year.

According to Batara, Citi's banking business, which includes Corporate Banking, Global Network Banking, and Commercial Banking, continues to record positive revenue growth amid challenging external conditions.

In particular, Global Network Banking achieved this through various initiatives, including the performance of the Asia-to-Asia corridor which serves the business interests of Asian client Citi investing in Indonesia. This growth is proof of a strong business framework built over the years.

Last year, Citi Indonesia was involved in several important transactions, including acting as the Sole Coordinator Bank and successfully completing an agreement on the revolving syndicated credit facility (syndicated revolving facilities) worth a total of 200 million US dollars and Rp7.5 trillion for PT Charoen Pokphand Indonesia Tbk (CPIN).

In addition, Citi Indonesia acted as a Mandated Lead Arranger Bank on a USD 800 million Social Loan (from the Total Futures Loan Facility of USD 1 billion) for PT Bank Rakyat Indonesia (Persero) Tbk (BBRI).

"In addition to having recorded positive financial performance over the past year, we are also entering 2025 with a focus on new strategies and enthusiasm as one of the global banks. We are an important partner for clients and the financial sector in dealing with macroeconomic dynamics," he concluded.