This was the fourth consecutive quarter of revenue growth year on year for Citi in Asia.
Last Friday Citi globally reported 2Q results – with US$17.9bn of revenues and US$3.9bn of net income. Asia was a strong contributor to these results, with broad based growth and revenue of US$3.4bn up 4% year on year. A standout performer was Citi’s consumer bank in the region.
Citi’s consumer business grew revenues by 4% during the quarter to US$1.8bn with profit up 9% year on year and 31% versus the previous quarter. Asia contributed nearly a third of all the profit generated by the bank’s consumer business in the second quarter.
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The bank’s pivot from analogue to digital is paying off – with deposits growing by 5% year on year in Asia to US$95bn. The bank’s refreshed wealth management business is also ticking along nicely with investment sales up 29% year on year as Citi captured greater market share with increased productivity with more competitive RMs in hubs.
Cards loans were also up 6% boosted by increased digital sales.
During the second quarter the bank’s digital transformation continued with the roll out of Pay for Points across Asia with partners including Amazon. In Hong Kong Citi Citi JetCo pay - a P2P money transfer app making Citi the first major bank in the Jetco network.
Citi in Asia has deliberately reallocated resources away from its physical footprint to invest in its wealth management platform and digital capabilities as the bank moves further towards a true open architecture platform.
The opening of the bank's APIs means the bank now partners with 59 companies around the region. The bank is also building strong relationships with Fin Tech with events held in Hong Kong, Singapore and India this quarter.
The bank has also penetrated deeper into its close to 20m clients’ preferred ecosystems - be it We Chat in China, Line in Taiwan or Facebook in other markets so it is locally relevant in all 17 markets through open architecture.
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