Private bank revenues’ gain was primarily driven by improved deposit spreads and investment fee revenues, and partially offset by higher mortgage funding costs.

Citigroup logged net income for the first quarter 2024 of $3.4 billion on revenues of $21.1 billion, against net income of $4.6 billion on revenues of $21.4 billion for the first quarter 2023.

The result was affected by a 7 per cent year-on-year rise in net credit losses of $2.3 billion. Income from continuing operations, before taxes, fell 27 per cent to $4.544 billion.

The bank had a Common Equity Tier 1 capital ratio – a measure of a lender’s “shock absorber” – of 13.5 per cent, little changed from a year before.

Shares in Citigroup were down about 2.4 per cent early afternoon in New York trade.

Wealth
Citigroup's private bank logged $571 million in revenues for Q1 2024, rising 1 per cent; when Citigold and Wealth at Work business units are added, total revenue in wealth stood at $1.7 billion, dipping 4 per cent. Net income in the wealth business fell 6 per cent year-on-year to $150 million.

Private bank revenues’ gain was primarily driven by improved deposit spreads and investment fee revenues, partially offset by higher mortgage funding costs. The wealth arm had estimated client investment assets under management, trust, and custody assets of $515 billion, rising 12 per cent on a year before.