Citibank Earns IDR 1.4 Trillion Profit In 2022

CEO of Citi Indonesia Batara Sianturi. (Photo: Doc. Antara)

JAKARTA - Citibank, NA Indonesia (Citi Indonesia) posted a net profit of IDR 1.4 trillion in 2022, an increase of 28 percent compared to the same period last year (year-on-year/yoy).

This increase was mainly due to the lower cost of reserves, losses, decreased credit value in the institutional banking line, and an increase in net interest income which was offset by a greater tax burden.

"We continue to show strong financial performance throughout 2022 amid global economic challenges due to high volatility, rising interest rates, and changing market trends," said Citi Indonesia CEO Batara Sianturi in an official statement, quoted from Antara, Wednesday, April 26.

In addition to increasing net profit, Batara revealed that the quality of Citibank's assets has improved, so that it is evidence of our resilience and ability to adapt.

In the future, Citi will continue to focus on implementing business strategies, managing risks wisely, and providing value for clients and customers.

Citi Indonesia's total assets last year recorded an increase of 15.4 percent (yoy) to Rp98 trillion, mainly supported by the increase in third party funds (DPK), which grew by 15.6 percent (yoy),

Citi Indonesia also continues to maintain solid bank and capital liquidity with a Minimum Capital Provision Obligation (KPMM) ratio of 27.5 percent.

Meanwhile, he said again, Citibank recorded a gross credit ratio aka non-performing loan (NPL) of 3 percent or an improvement from 3.29 percent in the previous year. Thus, the quality of the credit portfolio remains in good condition with the application of the precautionary principle in risk management to manage the impact of the pandemic.

In addition, Citibank continues to ensure adequacy in reserves of impairment losses with the achievement of a lower net NPL ratio, from 0.46 percent in 2021 to 0.08 percent in 2022.

In the instituteal clients group line, Citi continues to provide end-to-end services and solutions to clients of local, multinational companies, financial institutions, and the public sector. In 2022, the number of institutional group loans will reach IDR 30.7 trillion.