Citibank's net profit jumped by 20.43% YoY despite market turmoil

9 months ago . 1 min read
MP
Marella Putri
Writer at Forbes Indonesia
Citibank's net profit jumped by 20.43% YoY despite market turmoil
Batara Sianturi, CEO of Citibank N.A., Indonesia.

by Elisa Valenta

Citibank N.A., Indonesia (Citibank) posted a net profit of Rp 1 trillion in the first quarter of 2020, a 20.43 % jump from the same period last year, amid the turmoil in the market due to COVID-19 pandemic. The increase was driven by loan disbursement and non-interest income growths from derivative forex transactions.

The lender also recorded a 2.83% increase of loan growth to Rp46.04 trillion and pocketed Rp2.7 trillion of spot and derivative transactions in the money market. Citibank Indonesia’s capital adequacy and asset quality remained robust, with a capital adequacy ratio (CAR) of 26.31%, while its non-performing loan was recorded at 2.3%.

”While no one knows the severity or longevity of the virus’ impact in the local economy, we have the resources to serve our clients without jeopardizing our safety and reliability. We remain committed to serving and navigating our customers during these challenging times together,” said Citibank N.A., Indonesia CEO Batara Sianturi in a statement.

For years, Citibank has committed to focusing on mobile banking through Global Mobile, which features a well-designed interface that enables customers a better experience. Currently, more than half of Citibank’s customers engage with the company digitally, with around 69% year-on-year growth on Citi Mobile App usage.

MP
Written By
Marella Putri
Writer at Forbes Indonesia
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