Citi Indonesia’s net income climbs 52% to $38.29m in Q1

Its Institutional Clients Group registered a 2.5% loan growth during the quarter.

Citibank Indonesia has posted a net income of IDR569b (over US$39.29m) in Q1, 52% higher than in the same quarter in 2022.

The bank’s net interest income across its Institutional Clients Group spurred Citi to record higher earnings. The ICG registered a 2.5% loan growth in Q1, compared to the first three months of 2022.

Total assets also grew by 14.4% tp IDR101.7t over the same period, mainly thanks to a 14% rise in third-party deposits.

(US$1 = IDR14,860.25)