Revenues rose at the private banking arm of the US lender in Q3, 2018.
The private banking arm of Citigroup has reported a 7 per cent rise in year-on-year revenues for the three months to the end of September 2018, to reach $849 million, driven by growth in loans and investments, as well as improved deposit spreads.
The US banking giant, one of the first to report at the start of the third-quarter reporting season, gave few other figures on its private banking arm. For the US-listed group as a whole, it said on Friday that it logged net income $4.6 billion, or $1.73 per diluted share, on revenues of $18.4 billion, in the third quarter. This compared to net income of $4.1 billion, or $1.42 per diluted share, on revenues of $18.4 billion for the third quarter 2017.
When certain one-off items are stripped out of the figures, group revenues rose 4 per cent, with the institutional clients group making a particular contribution.
The bank had a Common Equity Tier 1 Capital Ratio - a standard industry measure of a bank's financial strength - of 11.8 per cent at the end of September, down from 13 per cent a year earlier.
Across the entire group, the largest year-on-year revenue rise was in Latin America (10 per cent), followed by a 8 per cent rise in the EMEA region, with no change in Asia, and 5 per cent falls in North America and a similar 5 per cent drop in its corporate/other category.