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Private Banking Revenues Rose 9 Per Cent Year-On-Year At Citi In Q2 2013

Eliane Chavagnon

16 July 2013

Private banking revenues at rose 9 per cent year-on-year from $591 million in Q2 2012 to $645 million this second quarter-end.

In its latest earnings release, the firm said its private banking business logged growth across all regions, primarily driven by investment products. Compared to the first quarter of the year, private banking revenues are up 3 per cent from $629 million.

Brokerage and asset management revenues -$20 million, compared to $87 million in the second quarter of 2012, reflecting lower Morgan Stanley Smith Barney joint venture-related revenues, the firm said.

Citigroup completed the sale of its remaining 35 per cent stake in the MSSB joint venture in June. As of the end of Q2 2013, total Citi Holdings assets were $131 billion, 31 per cent below the prior year period, and represented approximately 7 per cent of total group assets.

For the New York-listed group as a whole, Citigroup reported net income for the second quarter of 2013 of $4.2 billion - up 42 per cent from $2.9 billion year-over-year - on revenues of $20.5 billion (up from $18.4 billion last year).