Citigroup’s private banking division has reported revenue of US$629 million for the first quarter of 2013, an increase of 5% from the prior year period.
The bank said that growth in the quarterly revenue was particularly driven by its operation in North America and Asia.
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Investment banking unit reported revenues of US$1.1 billion, an increase of 22% from the prior year period, with growth in all major products. Debt underwriting revenues increased 5% to $634 million and equity underwriting revenues increased 45% to $225 million.
Also, advisory revenues of US$204 million were 84% higher than the prior year period.
The bank as a whole, across all divisions, reported net income of US$3.8 billion, or $1.23 per diluted share, on revenues of US$20.5 billion for the first quarter of 2013. This compared to net income of US$2.9 billion, or $0.95 per diluted share, on revenues of $19.4 billion for the first quarter 2012.
Michael Corbat, CEO of Citi, said: "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.
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By GlobalData"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 utilized 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% 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.
