The private banking part of the US group reported a small rise in its revenues, while the parent group logged a broadly stronger set of second-quarter figures.

Citigroup’s private banking arm has reported a 2 per cent year-on-year rise in revenues, standing at $866 million, driven by growth from new and current clients.

The US banking group yesterday said that revenues were also driven by rises in assets under management – it gave few other figures for the private banking arm.

Citigroup was one of a number of US banks kicking off the second-quarter financial reporting season.

For the banking group as a whole, it reported net income of $4.8 billion in the second quarter, up by 7 per cent, driven by the higher revenues, cost cuts and a lower effective tax rate, partially offset by the higher cost of credit. Citigroup’s revenues, at $18.8 billion, rose by 2 per cent on the same quarter a year ago, it said.

The profit figure equated to $1.95 per share, compared with the $1.80 estimate of analysts surveyed by Refinitiv. The figure was bolstered by the bank’s initial public offering recently of Tradeweb, its electronic trading platform. When the IPO effect is stripped out, the bank would have posted $1.83 per share in profit, fuelled by lower taxes and a reduction in the number of outstanding shares.

The bank’s Common Equity Tier 1 ratio – a standard measure of a bank’s financial strength – was 11.9 per cent, down slightly on a year earlier.