Last week Citi globally reported its second quarter numbers with Asia pitching in as one of the strongest contributors to these results.
On a worldwide basis the bank reported $17.9 billion of revenues and $3.9 billion of net income. The Asian region contributed its fair share with broad based growth and revenue of $3.4 billion up 4 percent year on year.
This was the fourth consecutive quarter of revenue growth year on year for Citi in Asia.
Consumer Banking Leads
A standout performer was Citi’s consumer bank in the region. Citi’s consumer business grew revenues by 4 percent during the quarter to $1.8 billion with profit up 9 percent year on year and 31 percent versus the previous quarter.
Asia contributed nearly a third of all the profit generated by the bank’s consumer business in the second quarter.
Wealth Management Growth
The bank’s wealth management business also kept pace with investment sales up 29 percent year on year as Citi captured greater market share with, according to a spokesperson, «increased productivity with more competitive relationship managers in key hubs.»
In Asia Citi reallocated resources away from its physical footprint to invest in its wealth management platform and digital capabilities as the bank moves further towards a true open architecture platform.
Analogue to Digital
The bank’s also claims its pivot to digital is paying off with deposits growing by 5 percent year on year in Asia to $95 billion.
During the second quarter the bank’s digital push continued as it signed up with partners including Amazon.
After opening up its application program interface (API's), the bank now partners with 59 companies around the region. The bank is also building relationships with fintechs with events due to be held in Hong Kong, Singapore and India this quarter.
Asia to Asia
In the Institutional business Citi reported revenues up 4% year on year as the bank saw good growth in its increased focus on Asia trade corridors.
On the Institutional side the bank has targeted 8 Asia to Asia corridors to grow and is focused on greater wallet share with its key clients across its Institutional businesses.
