Citi Registers Stellar Growth in Asia
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Citigroup CEO Jane Fraser’s first-quarter debut featured strong earnings worldwide and in Asia where the American lender is eyeing growth opportunities, particularly from private wealth in the region.
Citi’s consumer banking unit in Asia saw $5.2 billion in net new money in the first quarter of 2021 – a 13 percent year-on-year increase – according to a memo seen.
Investment sales, investment revenue and invested assets all saw decent growth at 48 percent, 22 percent and 29 percent, respectively.
Citi’s private banking arm delivered its best quarter ever with a 2 percent increase, driven in part by growth in managed investments.
Citi also posted strong growth from its investment banking business in Asia which saw an 84 percent increase in revenues from continued momentum in equity capital markets.
Looking ahead, we have excellent momentum, a crisp strategy and tremendous opportunity across our region, said Citi’s APAC chief executive Peter Babej in the memo. The coming months and years will be defining for Citi.
Overall, the bank posted $4.1 billion of revenue and $1.3 billion of net income in the region which contributed to 21 percent of global revenues, according to its latest published results.
Questions & Answers
Q.What was the total revenue and net income Citi generated from its Asian operations in the first quarter?
What was the total revenue and net income Citi generated from its Asian operations in the first quarter?
Citi's operations in Asia generated $4.1 billion in revenue and $1.3 billion in net income during the first quarter. This regional contribution accounted for 21 percent of the bank's global revenues.
Q.Which specific areas within Citi's Asian business experienced significant growth in the first quarter?
Which specific areas within Citi's Asian business experienced significant growth in the first quarter?
The consumer banking unit saw a 13 percent increase in net new money, while investment sales grew 48 percent and investment revenue rose 22 percent. Investment banking revenues also surged by 84 percent.
Q.What was the growth in net new money for Citi's consumer banking unit in Asia during the first quarter?
What was the growth in net new money for Citi's consumer banking unit in Asia during the first quarter?
Citi's consumer banking unit in Asia registered $5.2 billion in net new money during the first quarter of 2021. This figure represents a 13 percent increase compared to the same period in the previous year.
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