Annual General Meeting presentation: 25th Annual General Meeting

ANNUAL GENERAL MEETING

28 MARCH 2024

• 1. Reflections on 2023

• 2. Significant multi-year outperformance through structural transformation

• 3. The way forward

1. Reflections on 2023

Record year in 2023

• ▪ Total income of $20.2 billion, net profit of $10.3 billion and ROE of 18% all at records

• ▪ Driven by higher NIM, rebound in fee income and record treasury customer sales

• ▪ Underlying cost-income ratio at 39%

• ▪ Asset quality resilient, specific allowances at 11 bp of loans, below cycle average

FY2023 ($m)FY2022 ($m)

YoY (%)

Total Income Expenses

Profit before allowances Total allowances

Net profit

Net profit incl one-time item

20,180 8,056 12,124 590 10,286 10,062

16,502 22

7,090 14

9,412 29

237 >100

8,193 26

8,193 23

ROE (%)

Group NIM (%)

Loans ($bn)

Deposits ($bn)

18.0 2.15 416 535

15.0 3pt

1.75

40 bp

415 1

527 3

Key revenue drivers: Institutional Banking Group

▪A Total income up 22% to record $9.36bn

Increase led by cash management income, partially offset by decline in trade income

($m)

FY2023

FY2022 YoY (%)

2,489

Expenses

• 2,254 10

  Profit before allowances

  6,868

• 5,434 26

Key revenue drivers: Consumer Banking Group

▪A Total income up 35% to record

$8.96bn

• ▪ Customer base up 6 million to 18 million

B▪ Strong growth in deposits and investment product incomeWealth management AUM increased 23% to record $365bn

($m)	FY2023 FY2022 YoY (%)

Total Income

8,957

• 6,654 35

  Profit before allowances

  4,545

  2,851 59

  AUM ($bn)

  365

  297 23

Ordinary dividend increase of 28% for 2023.

Another 24% after 1-for-10 bonus with dividend yield of 6.5%

Dividend yield based on 27 March 2024 share price

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Other key achievements in 2023

Geographic strategy bearing fruit

• ▪ Citi Taiwan integration successfully completed

• ▪ Strong growth in Indonesia and India franchises

Digital strategies continue apace

• ▪ Economic outcomes from artificial intelligence more than doubled to $370m

• ▪ Continued digitalisation of Wealth, T&M, GTS businesses

Strong customer satisfaction

Strong employee satisfaction

▪	#1in Asia-based large corporate market	Record employee engagement scores,
penetration (Coalition Greenwich Survey)	significantly above financial services industry
average
▪	#1 in SG retail customer satisfaction (CSISG1,
Finance and Insurance Sector Survey)

▪

Being recognised as a force for good

• ▪ World's Best Bank for Corporate Responsibility awarded by Euromoney

• ▪ Inaugural $100 million set aside as part of ten-year $1 billion CSR commitment

1Customer Satisfaction Index of Singapore

We have made good progress in improving technology resiliency

System ResiliencyChange managementProgress made

• • Provided greater payments/ transaction certainty to customers

• • Eliminating single points of failure for key services by Q1 2024

• • Simplified system architecture and supplemented active-active configuration with hot standby for key systems

• • Tightened software development process: tighter control gates

• • Near-live production assurance test environment by Q1 2024 for FAST/ PayNow payments and account enquiry

• • Enhanced vendor engagement for critical systems for faster response

  Customers can expect

  • • Greater service availability

  • • Alternate channels for payments and account enquiries should issues occur

    Incident Management

• • Improved real-time monitoring at infrastructure, application and customer journey levels

• • Streamlined process by centralising multiple first level command centres and tightening escalation protocol

  • • Faster full recovery of services

    Tech Risk Governance & Oversight

• • Instituted dedicated board-level oversight of technology risk management

• • New CIO joining in May

• • Strengthened independent tech risk function with senior hires

• • Reinforcing tech risk control mindset and behaviour

• • Greater payments/ transaction certainty for payer and recipient

We will continue with our investments to sustain efforts to provide reliable services

2. Significant multi-year outperformance through structural transformation

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