Citibank’s Indonesia unit posted profit growth in the first quarter of 2023 due in large part to an increase in interest income from institutional clients.
Citi Indonesia recorded 569 billion rupiah ($38 million) in net income for the first quarter of 2023, according to a statement, up 52 percent year-on-year.
This was driven primarily by higher net interest income from the bank’s institutional clients group (ICG) with loans growing by 2.5 percent. The bank also registered asset growth of 14.4 percent to 101.7 trillion rupiah, mainly due to a 14 percent increase in third-party deposits.
Highlight Transactions
Notable transactions in which Citi participated include a $300 million bond issuance for Bank Mandiri with a three-year tenor and the initial public offering of mining giant Trimegah Bangun Persada as a joint global coordinator.
«The global economy continues to be challenged by the impact of high inflation and rising interest rates across major economies. Indonesia remains resilient and will likely experience strong growth in 2023,» said Citi Indonesia chief executive Batara Sianturi.
