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RETAIL BANKING | Staff Reporter, Singapore

Citi Asia Pacific's profits soars 48% to $1.24b in Q1

It accounted for more than a fourth (26%) of the group’s global profits.

Citi Asia Pacific profits rose 48% YoY to $1.24b in Q1, according to a media release.

The bank’s APAC arm accounted for more than a fourth (26%) of the company’s global profits in Q1, which makes it the largest region for revenues outside North America.

Revenues also rose 18% YoY to $4.13b over the same period. This is equivalent to APAC revenues of close to $50m per day as the bank’s strong-performing annuity and episodic business buoyed monthly figures.

In the consumer bank segment, revenues rose 11% YoY to $1.93b whilst net income surged 50% YoY to $373m partially thanks to the bank’s digitisation efforts.‎

The Institutional Clients Group also performed strongly. Revenues increased 24% YoY to $2.2b as growth momentum continued across Corporate and Investment Banking (CIB), Capital Markets, Treasury and Trade Solutions, and the Private Bank.

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