Citigroup has reported net income of $4.77bn for the first quarter 2015, an increase of 21% compared to $3.94bn a year ago.

Total revenues declined 2% to $19.74bn from $20.21bn in the first quarter of 2014.

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The bank’s global consumer banking (GCB) unit generated net income of $1.7 billion for the first quarter, a rise of 4% from the prior year period.

The unit’s revenues of $8.7bn decreased 2% from the prior year period, with 4% growth in North America offset by a 10% decline in international revenues. Operating expenses decreased 7% to $4.6bn.

The New York-based banking group’s expenses dipped 10% to $10.88bn versus $12.15bn in the year ago quarter.

Also, the group’s legal and repositioning costs in the first quarter of 2015 fell 65% to $403m from $1.16bn in the corresponding quarter of 2014.

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Commenting on the performance, Citigroup CEO Michael Corbat said, "We had a strong quarter overall, particularly in executing against our top strategic priorities. While some businesses faced revenue headwinds, we grew loans and deposits in our core businesses and gained wallet share among our target clients.

"We tightly managed our expenses, helping to achieve positive operating leverage in Citicorp and we are on track to hit our financial targets for the year."