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.