Citigroup’s Global Consumer Banking (GCB) arm has posted a net income of $1.39bn for the first quarter of 2018, a surge of 40% compared to $997m a year ago.

For the quarter ended 31 March 2018, the unit’s total revenues were $8.43bn, a rise of 7% over $7.84bn in the corresponding year ago quarter.

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Operating expenses stood at $4.68bn, an increase of 5% from $4.45bn a year ago.

The division’s North America business posted net income of $838m, a jump of 36% compared with $614m in the first quarter of 2017. Its Asian business net income surged 50% year-on-year to $373m, while Latin American business registered a rise of 36% to $183m.

Overall, Citigroup reported a net income of $4.09bn for the first quarter of 2018, an increase of 13% compared to $4.62bn in the corresponding quarter of 2017.

The bank said that the rise in income was due to higher revenues and a lower effective tax rate.

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The banking group’s total revenues for the quarter ended 31 March 2018 were $18.87bn, up 3% from $18.36bn in the same period last year. Operating expenses rose 2% year-on-year to $10.9bn.

Citi CEO Michael Corbat said: “Our first quarter results demonstrate strength and balance across our franchise and position us well for the rest of the year. We grew revenue across both our institutional and consumer businesses and delivered solid, client-led revenue gains in areas we have been investing in such as Citibanamex, TTS, Equities and the Private Bank.

“In addition to improving Citi’s return on capital, we maintained our focus on also improving Citi’s return of capital. During the quarter, we returned more than $3bn in capital to common shareholders which helped drive a significant improvement in earnings per share.”