25th April 2023 – A week or so on from Citi reporting first quarter results, we wanted to update you on Citi’s performance in Asia and the progress on our strategy.
Asia contributed strongly to Citi’s first quarter earnings. The financial results from the region underlined the success of the pivot to capture greater opportunities across our market leading institutional client businesses and growing Citi’s established wealth franchise further in Asia.
The Institutional Clients Group (ICG), comprising Banking, Services and Markets, reported revenues for the first three months of 2023 of US$2.4bn, up 14% QoQ and 6% YoY. Asia ICG revenues accounted for 21% of global ICG revenues. Reported ICG net income for Asia was US$842mm, up 31% QoQ and 8% YoY. Asia ICG net income accounted for 26% of global ICG net income.
In Wealth Management, as many of you know, Citi Global Wealth Asia is core to our wealth strategy with two of Citi’s fourth global wealth hubs based in Hong Kong and Singapore. We saw encouraging signs of progress in our win in wealth strategy in the region across what was a volatile first quarter.
Wealth revenues for the region were up around 20% sequentially supported by revenue growth across investments and insurance sales. Client acquisitions across Citigold and Citigold Private Client were 68% higher YoY and more than double YoY in Citi Private Bank. Private Bank net new assets were up more than 20% YoY.
During the quarter, Citi also completed consumer sales in India and Vietnam resulting in US$953mm of pre-tax earnings ($648mm after tax). Citi has now announced actions for all our consumer markets we are exiting in Asia and expect to complete transactions already announced in Taiwan and Indonesia later this year.
Our progress was recognized during the quarter with Citi picking up Best Bank in Asia from IFR Asia and The Asset Magazine. Citi was also named Best Private Bank for UHNW by Asiamoney.
We look forward to updating you further throughout the year and if you have any follow up questions please reach out to the team.
