Citigroup’s private banking revenue increased 9% to US$645 million in the second quarter of 2013, compared to US$591 million in the corresponding year ago period.
The company said its private banking business logged growth across all regions, primarily driven by investment products.
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The group’s brokerage and asset management revenues were -US$20 million, compared to US$87 million in the prior year period, reflecting lower Morgan Stanley Smith Barney (MSSB) joint venture related revenues.
Citigroup completed the sale of its remaining 35% stake in the MSSB joint venture during the current quarter.
As of the end of the second quarter 2013, the total Citi Holdings assets were US$131 billion, 31% below the prior year period, and represented approximately 7% of total Citigroup assets.
Overall, Citigroup has reported a net income of US$4.2 billion, or US$1.34 per diluted share, on revenues of US$20.5 billion, compared to a net income of US$2.9 billion, or US$0.95 per diluted share, on revenues of US$18.4 billion for the same period of 2012.
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