Citigroup’s private banking revenues rose by 5 per cent
year-on-year to $629 million in the first three months of 2013, with growth
driven by North America and Asia, the
US-listed banking group said yesterday. The firm provided few other specifics
on its private banking operations.

The bank as a whole, across all divisions, reported net
income for the first quarter of $3.8 billion, or $1.23 per diluted share, on
revenues of $20.5 billion. This compared to net income of $2.9 billion, or
$0.95 per diluted share, on revenues of $19.4 billion for the first quarter of 2012, Citigroup said in a statement.

“Achieving consistent, high-quality earnings is one of my
top priorities and these results are encouraging. During the quarter, we
benefitted from seasonally strong results in our markets businesses, sustained
momentum in investment banking, continued year-over-year growth in loans and
deposits in Citicorp, and a more favorable credit environment. However, the
environment remains challenging and we are sure to be tested as we go through
the year,” Michael Corbat, chief executive, said.

“In addition to our performance across business lines, there
were several other areas where we made progress. We reduced the drag on
earnings caused by Citi Holdings and utilised a modest amount of our deferred
tax assets. Our capital strength again improved during the quarter with the
Tier 1 Common Ratio increasing to an estimated 9.3 per cent on a Basel III
basis. It is critical that Citi be viewed as an indisputably strong and stable
institution and we made progress towards that goal,” Corbat concluded.