The results come a month after the bank unveiled a number of changes to its structure.

Citigroup, which announced sweeping management changes in September, has reported third-quarter personal banking and wealth management revenues, net of interest costs, of $6.778 billion, up 10 per cent on a year ago. This business division includes private banking.

The New York-listed group said in a statement on Friday that total revenues rose 9 per cent year-on-year to $20.139 billion in Q3. 

Income from personal banking/wealth management rose to $803 million, up 1 per cent on a year earlier. At the level of the overall Citigroup business, it rose 9 per cent to $4.788 billion in the quarter. At the net income level, it rose 2 per cent to $3.546 billion. 

Total cost of credit rose sharply on a year ago, up 35 per cent, to $1.84 billion; net credit losses surged by 85 per cent to $1.637 billion.

The bank’s Common Equity Tier 1 capital ratio, a standard international measure of a bank’s capital buffer, was 13.5 per cent at the end of September this year. It had a supplementary leverage ratio of 6 per cent.

CEO Jane Fraser has scrapped the personal banking and wealth management and institutional clients' group management layers.