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Citigroup Q1 2013 net income increases by 17%

Citigroup has reported a net income of $3.8bn for the first quarter of 2013, or $1.23 per diluted share, compared to $2.9bn or $0.95 per diluted share during the same period last year.

Excluding Credit valuation adjustments (CVA) and debt valuation adjustments (DVA) on Citigroup’s fair value option debt, 17% increase in net income was driven by revenue growth and lower net credit losses.

For the quarter period ended on 31 March 2013, its revenues increased more than $1bn and touched to $20.5bn, against revenues of $19.4bn during the same period earlier year.

The 3% increase in revenues during the first quarter was driven by 2% growth in Citicorp revenues and 15% growth in Citi Holdings revenues.

Global Consumer Banking (GCB) revenues stood at $10bn, which remained flat compared to the prior year period, as volume growth in most businesses was offset by the continuing impact of spread compression worldwide and consumer deleveraging in North America.

Securities and Banking revenues grew by 31% from the prior year period to $7bn, while investment banking revenues rose by 22% to $1.1bn.

Equity Markets unit revenues were $826m, while Fixed Income unit revenues stood at $4.6bn during the first quarter 2013.

Private bank revenues surged by 5% to $629m (excluding $(1)m of CVA/DVA) from the prior year period, with growth driven by North America and Asia.

Operating in more than 160 nations and jurisdictions, Citi serves nearly 200 million customer accounts and offers consumers, corporations, governments and institutions with an array of financial products and services.