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.