There was a 15 per cent increase in revenues at the private banking arm of Citigroup in the three months to end-September.

Private bank revenues at Citigroup, the US-headquartered group, rose by 15 per cent to $785 million, driven by growth in clients, loans, investment activity and deposits, as well as improved spreads, the firm said yesterday as US lenders commenced the third-quarter results season.

Across the whole US group as a whole, Citigroup reported net income for the third quarter 2017 of $4.1 billion, or $1.42 per diluted share, on revenues of $18.2 billion. This compared to net income of $3.8 billion, or $1.24 per diluted share, on revenues of $17.8 billion for the third quarter 2016.

Revenues increased by 2 per cent from the prior year period, driven by growth in its institutional clients group and the global consumer banking segment, partially offset by lower revenues in corporate and other business lines.

The entire US banking group had a cost/efficiency ratio of 56 per cent.