Private lender Citibank NA, Indonesia posted a net income of Rp 838 billion (US$58.28 million) in the first quarter of 2019, a 44 percent increase from the same period, last year, a press statement says.

The bank says the result had been driven by increases in net interest income to Rp 1.1 trillion and net trading income to Rp 313 billion.

“We’ve made a very good start in 2019. We are committed to growth and economic progress, by being the best for our clients,” said Citibank NA, Indonesia chief executive officer Batara Sianturi in a statement received on Friday.

The bank says that the increase in revenue had contributed to the increase in return on equity (ROE) to 20.75 percent from 14.31 percent in the previous year and the increase in return on asset (ROA) to 5.26 percent, from 3.95 percent in the first quarter of 2018.

Its loan portfolio grew 15 percent year-on-year (yoy) to Rp 48.2 trillion, it says, adding that its institutional banking business was the main contributor with growth seen primarily in manufacturing, mining and financial intermediary sectors.

This positive performance is well supported by a sustained level of quality third-party funds, which increased by 11 percent, enabling the bank to maintain a solid lending-to-funding ratio (RIM) of 79.21 percent.

While posting significant growth in assets, the bank’s capital adequacy and asset quality continue to be robust, with capital adequacy ratio (CAR) at 23.37 percent and gross and net nonperforming loan (NPL) at 2.30 percent and 0.53 percent, respectively. (bbn)