The gain in private bank revenues was caused by improved deposit spreads and higher investment fee revenues, partially offset by higher mortgage funding costs.

Citigroup has reported net income for the second quarter 2024 of $3.2 billion, on revenues of $20.1 billion, versus net income of $2.9 billion, on revenues of $19.4 billion for the same period a year earlier.

The rise in net income was mainly caused by higher revenues and a fall in costs, partly offset by a higher cost of credit, the US banking group said in a statement on Friday.

At the private banking side, revenues rose 1 per cent year-on-year to $611 million in Q2, Citigroup said. Across the whole of the wealth side of the bank, it had $540 billion in client investment assets, up 15 per cent on a year ago. Total wealth revenues rose 2 per cent to $1.8 billion.

The gain in private bank revenues was caused by improved deposit spreads and higher investment fee revenues, partially offset by higher mortgage funding costs.

The bank’s Common Equity Tier 1 ratio rose to 13.6 per cent.