Citi’s institutional, corporate banking arm in Asia sees 14% higher revenue in Q1
The Institutional Clients Group’s net income for Asia went up 31% compared to Q1 2022.
Citi reported stronger earnings in its banking businesses in Asia in Q1.
The bank’s Institutional Clients Group (ICG), which offers institutional and corporate banking services, reported a revenue of $2.4b in the first three months of 2023. This is 14% higher than the previous quarter, and 6% higher compared to Q1 2022.
The Asia ICG revenue accounted for 21% of global ICG revenues.
Reported ICG net income for Asia was US$842m, up 31% QoQ and 8% YoY.
Asia’S ICG net income, meanwhile, accounted for 26% of the global ICG net income.
The bank’s wealth management business also strengthened in the quarter, with wealth revenues for the region rising by 20% during the quarter.
“We saw encouraging signs of progress in our win in wealth strategy in the region across what was a volatile first quarter,” a Citi spokesperson said in a statement.
Notably, client acquisitions across Citigold and Citigold Private Client were 68% higher year-on-year, and more than double year-on-year in Citi Private Bank.