Citigroup’s has reported a net income of $3.4bn for the third quarter of 2014, an increase of 7% compared to $3.24bn the same time last year.
Revenue amounted to $19.64bn, up 9% compared from $17.1bn in the third quarter of 2013.
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Private Bank revenues increased 8% to $663m from $614m the prior year period as growth in client volumes was partially offset by the impact of spread compression.
Michael Corbat, CEO of Citi, said: "Our consumer bank and institutional business each had solid performance during the quarter and generated stronger revenues both sequentially and year-on-year. With Citi Holdings again turning a profit and the utilization of additional deferred tax assets, we again demonstrated progress against two execution priorities and increased our capital base.
"While we have made progress optimizing these 11 consumer markets, we believe our Global Consumer Bank will achieve stronger performance by focusing on the countries where our scale and network provide a competitive advantage," Corbat added.
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