Citi, the US banking giant, earned $1.2 billion net from its Singapore operations last year as its consumer banking unit raked in record profits, its Singapore country head has said, according to Business Times.

Overall, the net profit from Citi's main Singapore businesses - including corporate banking, investment banking and private banking - was slightly below the $1.23 billion recorded in 2007, the report said. According to the report, profits were made at business units including private banking.

“Our business in Singapore continues to be robust,” Citi's Singapore country officer Jonathan Larsen was quoted as saying.

For 2009, “we've seen a very good start to the year' despite the financial crisis. We've seen growth in the first quarter for our business overall in Singapore", he said.

For the first time, Citi also announced results for its next two biggest operating units here - Citibank NA Singapore Branch and Citicorp Investment Bank ( Singapore) Ltd or CIBSL. The two units are responsible for most of Citi's corporate banking, investment banking and private banking activities here.

Their combined net profit last year was $500.7 million, down 8.3 per cent from 2007. Total revenue for the two units dipped 1.8 per cent to $1.33 billion.

In a separate report by China Daily, Citi’s China subsidiary chairman Andrew Au said Citi China will focus on improving productivity, lowering costs, engage in more profitable investments, and diversify product lines this year.

" China is still one of the high priority markets for us," he said. "We will continue to develop our businesses here like retail banking and lending despite the macroeconomic pressures," he was reported as saying.