Jakarta. Citi Indonesia (Citibank, N.A., Indonesia) reported a 32 percent increase in net income for the first nine months of 2024, reaching Rp 2.2 trillion ($138.19 million), up from the same period last year. This growth was primarily driven by a reduction in operating expenses, which led to a decrease in the bank's cost-to-income ratio (CIR) from 59.8 percent in 2023 to 41.9 percent.

Return on assets (ROA) improved to 4.1 percent, up from 2.8 percent last year, and return on equity (ROE) reached 15.4 percent, compared to 12.7 percent in 2023. Citi Indonesia's liquidity coverage ratio (LCR) and net stable funding ratio (NSFR) both remained strong, at 291 percent and 124 percent respectively, well above the minimum regulatory requirements. The capital adequacy ratio (CAR) also increased to 33.1 percent, up from 30.5 percent in the previous year.

Batara Sianturi, CEO of Citi Indonesia, attributed the bank's strong performance to solid financial indicators, growth across its interconnected businesses in Indonesia, and ongoing transformation efforts, which have driven efficiencies and contributed to the increase in net income.

. “While we continue prioritizing our transformation, the efficiencies gained from lower operating expenses and other efforts drove a 32 percent increase in net income,” Sianturi said.

Despite external challenges, Citi’s banking segments, including corporate and investment banking, global network banking, and commercial banking, saw continued revenue growth. 

The bank’s Treasury and Trade Solutions (TTS) business also experienced positive growth, with third-party deposits continuing to rise in the high single digits. This growth was attributed to increased payment volumes, notably driven by digital transactions through instant payments and commercial card spending.