Higher revenues and a lower provision for credit losses contributed to a jump in year-on-year net income at the US banking group's wealth arm.

The wealth arm of Citigroup, including its private banking business, logged $432 million in net income in the first three months of 2026, surging 126 per cent from the same period a year earlier and up 44 per cent from the preceding quarter. The wealth net income was driven by higher revenues and a lower provision for credit losses, partially offset by higher expenses.

Total operating expenses rose 1 per cent to $2.415 billion. 

Client invested assets rose 14 per cent year-on-year to $676 million, the US banking group said.

Citigroup said its wealth business logged $15 billion in net new investment assets in the latest [figures] down 11 per cent on a year before.

Under the overall wealth division, private banking revenues rose 14 per cent to $757 million. The rise was driven by higher deposit spreads and average deposit balances, and higher fee revenues, offset by lower mortgage spreads and the loss of fee revenue from last year’s sale of its trust business.

Across all bank divisions, Citigroup reported net income in Q1 of $5.8 billion, or $3.06 per diluted share, on revenues of $24.6 billion. This compares with net income of $4.1 billion, or $1.96 per diluted share, on revenues of $21.6 billion for the first quarter 2025.

At the end of March, Citigroup had a Common Equity Tier 1 of 12.7 per cent, down from 13.4 per cent.