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Citibank Indonesia records 46.2 percent increase in net profit
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Citibank Indonesia chief executive officer Batara Sianturi poses for a photograph next to the lender’s banner after a media gathering in Jakarta on March 30. (JP/yon)
T
he Indonesian subsidiary of United States-based Citibank saw an 46.2 percent increase in its net profit last year, contributed mostly by the 16.1 percent increase in its net interest income.
The bank’s net profit in 2016 increased to Rp 2.29 trillion (US$171.88 million) from Rp 1.56 trillion in 2015, while its net interest income increased to Rp 4.12 trillion from Rp 3.54 trillion, Citibank Indonesia chief executive officer Batara Sianturi told reporters in Jakarta on Wednesday.
“The positive result was supported by the stable third-party funds,” he said, adding that the bank recorded Rp 24.56 trillion in demand deposits, Rp 9.75 trillion in savings and Rp 15.57 trillion in time deposits.
(Read also: Citibank projects 5.3% economic growth in 2017)
Operating costs improved last year due to improvements in the efficiency rate, as reflected by the decrease in the cost-to-income ratio to 81.6 percent from 89.2 percent, Batara said.
He added that the bank had also improved its capital adequacy ratio (CAR) by 1.80 percent to 30 percent as of last December. (yon/bbn)
