JAKARTA. Citibank N.A. Indonesia (Citi Indonesia) recorded a net profit of IDR 1.4 trillion in 2022, 28% year-on-year (yoy) higher than the number seen in 2021.

This net profit growth resulted from lower reserves for devaluation loss in institutional banking segment. Then, the net profit growth was also further propelled by the increased net interest income of Citi Indonesia.

“The net profit of Citi Indonesia grew 28% yoy. The business momentum, as well as asset quality, has improved, which has become proof of our resilience and adaptability,” Batara Sianturi, CEO of Citi Indonesia, said in the official disclosure.

Citi Indonesia recorded gross non-performing loan (NPL) of 3%, shifting from 3.29% seen in 2021. The net NPL arrived at 0.08% in 2022, moving down from 0.46% in 2021.

Throughout 2022, the amount of group/institutional credit that had been disbursed by Citi Indonesia clocked up to IDR 30.7 trillion. Its total assets at the end of 2022 reached IDR 98 trillion, growing 15.4% yoy. This asset growth was further supported by the 15.6% yoy increase in third-party funds. (KR/ZH)