Citigroup (Citi) has
reported first quarter net income of $2.99 bn, down almost 33% from
the corresponding period a year ago.

Citi’s total revenue in
the first quarter fell 22% year-on-year to $19.7bn.

The year over year
decline was mainly driven by lower revenues in Fixed Income Markets
and US-based regional retail banking.

Total group assets
declined by 3% to $1.95trn; deposits were 5% ahead at $865.9bn at
group level but in the US, retail deposits slipped by 0.5% to

Credit continued to
improve during the quarter, as Citi’s net credit losses declined
for the seventh consecutive quarter to $6.27bn, down almost 25%

Citi’s non-corp business
unit, Citi Holdings, witnessed a 33% fall in assets to $337bn while
Citi Holdings’ revenues of $3.3bn were 50% lower than the prior
year period, reflecting the continued decline in assets.

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Citi’s international
retail unit posted revenue of $4.6bn, an 8% increase; net income at
the unit rose by 1% to $1.0bn. Deposits rose by 13% to $163bn while
lending was 14% ahead at $126bn.

Release of Citi’s first
quarter results coincided with news that it plans to augment its
current 1,000-strong-US branch network by 200 outlets by the end of

Citi will open an
additional 100 branches in California and New York and with another
100 outlets elsewhere in the US.