Total revenues were $570 million for the second quarter at Citigroup’s private banking division, up by 3 per cent on a year-over-year basis.

The increase in private banking revenues was driven primarily by growth in North American lending and deposits, the New York-listed bank said. The revenue figure excludes $2 million of credit and debit valuation adjustments (CVA/DVA), it said.

The private bank falls within Citi’s securities and banking business line, which reported revenues of $5.4 billion, a drop of 1 per cent on a year-over-year basis. Excluding the impact of a positive $198 million CVA/DVA, revenues were down 2 per cent to $5.2 billion.

Net income at the securities and banking unit – which wasn’t broken down for the private banking division separately – was $1.4 billion in the second quarter of 2012, up 18 per cent from the prior year period. Operating expenses declined 8 per cent due to efficiency savings and lower incentive compensation.   

Overall, Citigroup reported net income of $2.9 billion for the second quarter of 2012, a fall of 12 per cent year-on-year, on revenues of $18.6 billion, which fell 10 per cent over the same period. Excluding CVA/DVA and the loss on Akbank, net income was $3.1 billion, a fall of only 1 per cent.

Citigroup reported an estimated Basel III Tier 1 Common Ratio of 7.9 per cent.