Q2 revenues at Citigroup private bank rose 2% to $866m from $848m.

According to Citi, the performance of the private bank reflects “growth with new and existing clients, which drove higher lending and deposit volumes, as well as growth in assets under management”.

PBI recently ranked Citi Private Bank as the fourth largest private bank in the US and sixth largest in the world, ranked by assets under management. The group’s private bank managed $460 billion as of May 2019.

Citigroup Q2 results

Citigroup has posted net income of $4.8bn for the second quarter of 2019.

This is a 7% increase compared to last year’s figure of $4.49bn. The rise was said to be the result of higher revenues, as well as lower expenses and taxes.

Total revenue for the quarter ended 30 June 2019 was $18.8bn, up 2% from last year.

Operating expenses dipped 2% year-on-year to $10.5bn.

The fall in expenses was due to efficiency savings along with the wind-down of legacy assets, the bank noted.

The bank’s CET1 capital ratio at the end of June 2019 was 11.9%, stable compared to the previous quarter.

Citi CEO Michael Corbat said: “Our earnings per share of $1.95 for the second quarter were 20% higher than one year ago. We navigated an uncertain environment successfully by executing our strategy, and by showing disciplined expense, credit and risk management.

“We increased our Return on Assets year-over-year to 97 basis points; and generated a Return on Tangible Common Equity of 11.9%, over 100 basis points better than last year.

“We delivered positive operating leverage for the 11th straight quarter and improved our efficiency, while again increasing loans and deposits.”