Awards for Excellence 2018
A year ago, Euromoney sat with Citi’s Asia chief executive, Francisco Aristeguieta, as he outlined the progress Citi was making with a regional transformation: in consumer, in digital, in China and in trade corridors. Citi was sure it had a winning formula, but we said we needed to see evidence of it working.
One year on, Citi has delivered. The first-quarter 2018 results for Asia represented the seventh consecutive quarter of growth; the $4.13 billion of revenues from the region was up 18% year on year, while net income, at $1.12 billion, was up 48%.
That was just the first quarter. Net income hit $4 billion over the last 12 months, up 22% and representing 26% of Citi’s global profit. For comparison, the standout locally domiciled bank in the region, DBS – which also had an excellent year – saw full-year net profit of $3.28 billion equivalent, up 4%.
Citi’s momentum comes from a number of sources.