Photo by Mike Mozart via Wikimedia Commons.

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. 

ALSO READ: Citi Global Wealth APAC clients invest $5b in bonds in May-July

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. 

Follow the links for more news on

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!


ZA Bank’s Devon Sin on why Web3 is key to HK’s growth
The bank has expanded services to cater to stablecoin issuers and Web3 companies. 
Retail Banking
CIMB Niaga leads the way in captivating Indonesia’s youth
The bank’s digital solutions are winning over younger generations with 3.2M mobile users and 96% digital transaction rate in 2023.