Revenues Rise At Citi's Private Bank In Q2

Tom Burroughes

18 July 2011

The private banking arm of US-listed giant Citigroup recorded total revenues of $555 million in the second quarter of 2011, an 8 per cent gain on the previous three months and also up by the same extent on a year before.

In a quarterly set of figures giving few other details on the private bank, Citi said that second quarter group net income was $3.3 billion in the quarter, or $1.09 per diluted share, on revenues of $20.6 billion. Second quarter net income grew 24 per cent from the prior year period and 11 per cent from the first quarter 2011, while net revenues were 7 per cent lower versus the prior year period and 5 per cent higher than the first quarter 2011.

The bank had a Tier 1 capital ratio of 13.6 per cent at the end of June, compared with 13.3 per cent three months earlier.