Balancing Growth with Stability for the Long Term / Financial Highlights

Financial Highlights

Strong performance supported by diverse income drivers and healthy franchise growth

Net Profit After Tax and Return on Equity

Net profit grew 6% to a record $6.0 billion from a year ago, boosted by strong net fee income and trading and investment income.

Net Profit After Tax

$6.0

billion

+ 6%

Return on Equity

13.3%

- 0.1% pt

Net Interest Income and Margin

Net interest income was stable at $9.7 billion against last year as healthy loan growth of 5% offset the effect of net interest margin contraction from interest rate movements.

Net Interest Income

$9.7

billion

unchanged

Net Interest Margin

2.03%

- 0.06% pt

Gross Fee and Commission Income

Gross fee income grew 11% year on year to $3.2 billion, led by double digit growth in wealth management fees from improved investor sentiments, alongside stronger card fees on an enlarged regional franchise, and higher loan fees as lending and capital market activities picked up.

Gross Fee Income

$3.2

billion

+ 11%

Net Fee/Total Income Ratio

17%

+ 1% pt

Note: Above fees are gross of expenses, unless stated otherwise

Trading and Investment Income

Trading and investment income increased 15% to $2.0 billion, driven by robust customer-related treasury income from increased retail bond sales and strong hedging demands, as well as good performance from trading and liquidity management activities.

Trading and Investment Income

$2.0

billion

+ 15%

Customer-related Income

$0.9

billion

+ 20%

Operating Expenses¹

Total core operating expenses rose 5% to $6.1 billion as the Group continued to invest in building regional capabilities, with core cost-to-income ratio at 42.5%.

Operating Expenses

$6.1

billion

+ 5%

Cost/Income Ratio

42.5%

+ 1.0% pt

Excluding one-off expenses

Total Allowance on Loans

Total allowance on loans was $0.9 billion largely attributed to higher specific allowance.

Total credit costs on loans at 27 basis points were within expectation.

Total Allowance
on Loans

$0.9

billion

+ 11%

Total Credit Costs

27 bps

+ 2 bps

Staying focused on our regional strategy and customer centricity

Group Retail

Group Wholesale Banking

Global Markets

Digital-to-omni channel approach

Wealth management franchise

Key
Growth
Drivers

Meeting consumer needs in their preferred manner

Capitalising on the wealth potential of the rising middle class

Focus
Areas

$5.5

billion

Total income

unchanged

Performance

pickup in card billings, with ASEAN-4¹forming more than half of Group card billings

growth in wealth management income² to cross $1.1b, with AUM³ at $190b

Deep
cross-border connectivity

Sector specialisation

Tapping ASEAN and Greater China business flows

Offering businesses industry insights and sector expertise

$6.7

billion

Total income

Cross-border income

Mix in average balance of current and savings accounts, up 4% points on superior regional cash management platform

Treasury management

Regional trading infrastructure

Strengthening funding and liquidity management solutions

Enhancing people and system capabilities

$704

million

Total income

70%

Foreign exchange (FX) customer revenue growth from expanded connectivity through e-FX platforms and increased hedging needs

Customer treasury flow*, supported by strong demand for FX hedging, retail bonds and structured products

Income derived from the treasury flow from Group Retail and Group Wholesale Banking customers is reflected in the income of the respective business segments.

ASEAN-4 comprises Indonesia, Malaysia, Thailand & Vietnam

Comprises wealth management fees and customer-related treasury income

Refers to Privilege Banking and Private Bank

Operating Income by Business Segment

Group Retail

Despite intense competition, total operating income held up year on year at $5.5 billion, with a steady one-third contribution from retail franchise outside of Singapore. Double-digit growth in low-cost CASA, card billings and wealth income helped alleviate the competitive pressure on margin.

Group Wholesale Banking

Against last year, operating income declined 5% mainly due to lower net interest margin though partially cushioned by record-high investment banking fees and better treasury customer flows while transaction banking platforms generated strong growth in CASA and trade assets.

Global Markets

Operating income for 2024 soared 70% to $704 million, driven by lower funding costs and increased market making activities.

Operating Income by Geographical Segment

Overseas franchise provided diversification and cross-border connectivity

$ million

FY2024

FY2023

YoY (%)

Singapore

8,059

7,901

ASEAN-4

3,770

3,721

Malaysia

1,511

1,470

Thailand

1,478

1,534

(4)

Indonesia

629

614

Vietnam

152

103

Greater China

1,230

1,088

Rest of the World

1,235

1,222

Total

14,294

13,932

Customer Loans¹

Customer Deposits

Singapore

Operating income grew 2% year on year. Non-interest income surged 17% to $2.7 billion, supported by trading opportunities, client hedging demand, retail wealth activities and credit card fees. Net interest income eased in the face of competitive pricing pressure, partly offset by active balance sheet management and quality asset growth.

Greater China

Operating income rose 13% and attained new heights of $1.2 billion, driven by wider margin from higher interest rates and proactive balance sheet management in
Hong Kong SAR.

ASEAN-4

The ASEAN-4 franchise grew 3% in constant-currency terms against last year. This was largely contributed by wider net interest margin and healthy client activities in trade, wealth and treasury along with the integration of Citigroup’s retail business in Indonesia since November 2023. These countered softer income from Thailand, where operational merger frictions had a transient effect on retail customer activities.

Rest of the World

Operating income was broadly stable at $1.2 billion.

Loans by geography are classified according to where credit risks reside, largely represented by the borrower's country of incorporation/operation for non-individuals and residence for individuals.

Strong balance sheet with resilient asset quality

Asset Quality

The Group’s asset quality remained resilient with non-performing loan (NPL) ratio at 1.5%.

Total allowance for non-impaired assets remained adequate at $2.7 billion with prudent coverage for performing loans at 0.8%.

Total Allowance
on Assets

$4.8

billion

– 4%

NPL Ratio

1.5%

unchanged

Funding and Liquidity Ratios

The Group’s liquidity remained healthy with the average all-currency liquidity coverage ratio (LCR) at 148% and net stable funding ratio (NSFR) at 116%, both well above the minimum regulatory requirements.

LCR

148%

- 10% pt

NSFR

116%

- 4% pt

Capital Adequacy Ratio (CAR)

The Group’s capital position strengthen significantly with Common Equity Tier 1 (CET1) CAR and Total CAR at 15.5% and 18.2% respectively, post Basel III reforms implementation.

CET1 CAR

15.5%

+ 2.1% pt

Total CAR

18.2%

+ 1.6% pt

Financial Highlights

Strong performance supported by diverse income drivers and healthy franchise growth

Net Profit After Tax and Return on Equity

Net Interest Income and Margin

Gross Fee and Commission Income

Trading and Investment Income

Operating Expenses1

Total Allowance on Loans

Staying focused on our regional strategy and customer centricity

Operating Income by Business Segment

Group Retail

Group Wholesale Banking

Global Markets

Operating Income by Geographical Segment

Customer Loans1

Customer Deposits

Singapore

Greater China

ASEAN-4

Rest of the World

Strong balance sheet with resilient asset quality

Asset Quality

Funding and Liquidity Ratios

Capital Adequacy Ratio (CAR)

Operating Expenses¹

Customer Loans¹