JAKARTA - Net profit of Citibank N. A. Indonesia (Citi Indonesia) skyrocketed, increasing as high as 46% year-on-year (yoy) to IDR 1.7 trillion at the end of September 2023. As its credit grew, its total assets also soared 4.8% yoy.

According to Batara Sianturi, CEO of Citi Indonesia, in the official release today (13/11), the profit surge resulted from the increase of net interest income, especially in institutional banking business line.

In general, all business lines of Citi Indonesia indicated growth, including commercial bank and retail banking. "Citi Commercial Bank posted revenue growth of 22% in Q3 2023. The growth was mostly driven by multinational clients and cash management solutions," the management explained.

At the end of September 2023, credits or loans of Citi Indonesia also grew 11.7% yoy, which contributed to assets that increase to IDR 99 trillion. Thankfully, its gross NPL was stable at 3%, while its net NPL remained well-sustained at 0.3%.

In relation to retail banking, Sianturi confirmed that this weekend, on November 18, 2023, his company will officially complete the transfer of the entire assets and liabilities of consumer banking users to Bank UOB Indonesia, following the regional acquisition of consumer banking segment of Citibank in Indonesia, Malaysia, Thailand, and Vietnam. (ZH)