Citicorp revenues were $16.5bn, down $2bn (-11%) from the first quarter 2010. The revenue decline mainly reflected a 22% reduction in North America revenues, partially offset by 9% revenue growth in Latin America.
Net interest revenues of $9.5bn declined 4% from the prior year period, principally driven by North America Regional Consumer Banking and Securities and Banking.
Non-interest revenues declined 19% to $7bn, largely due to the decline in Securities and Banking revenues, including negative CVA.
Citicorp end of period assets were $1.3 trillion, up 8% from the prior year period. End of period loans increased 10% year over year to $418bn, with 6% growth in consumer loans and 16% growth in corporate loans.
Citigroup CEO Vikram Pandit said that he was pleased with the bank’s first quarter showing.
"After a full year of profitability, we continue to make progress in 2011 by executing our strategy with discipline. Citi Holdings losses continued to decrease; we are investing in our core businesses in Citicorp; our capital strength improved; and the mix of revenues reflects the diversity of our businesses and our depth in both the emerging and developed markets," said Pandit.
