Compared with last year, the private banking arm of the US bank reported a broadly stronger set of results in the latest quarter.
Private bank revenues of $963 million increased 6 per cent at Citigroup. This excluded gains/losses on loan hedges, driven by higher fees and lending volumes, reflecting strong momentum with new client acquisitions, partially offset by lower deposit spreads, the US-based bank said last Friday.
The private banking business sits within the Institutional Clients Group.
Citigroup – which announced last week that it is shedding consumer banking businesses in Mexico and Asia – gave few other metrics on its private banking arm. It did say that revenues in private banking were $963 million in Q4 2021, down from $989 million in Q3 and up from $911 million from a year earlier.
Citigroup’s entire business reported net income for Q4 of $3.2 billion, or $1.46 per diluted share, on revenues of $17.0 billion. This compared with net income of $4.3 billion, or $1.92 per diluted share, on revenues of $16.8 billion for Q4 2020.