New York – Citigroup Inc. today reported first quarter 2011 net income of $3 billion, or $0.10 per diluted share. Net income declined $1.4 billion from the first quarter 2010, but more than doubled sequentially.

Citigroup chief executive officer Vikram Pandit said the group continues to make progress executing its 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," he said.

Citigroup revenues in the first quarter 2011 were $19.7 billion, up 7 per cent sequentially, but down 22 per cent from the first quarter 2010.

Citicorp revenues of $16.5 billion were 16 per cent higher sequentially, but 11 per cent lower than the prior year period. The year over year decline was mainly driven by lower revenues in Fixed Income Markets and North America Regional Consumer Banking, as well as negative CVA.

Credit continued to improve during the quarter, as Citigroup net credit losses declined for the seventh consecutive quarter to $6.3 billion. In addition, the current quarter included a net $3.3 billion release of allowance for loan losses and unfunded lending commitments.

Citi reported it continued to improve its capital strength, with a Tier 1 Common ratio of 11.3 per cent, book value per share of $5.85 and tangible book value per share of $4.69, each as of the end of the first quarter 2011.

"As America's global bank, we are focused on supporting the real economy and creating opportunities for our clients to succeed. Our sustained profitability has put us in a good position to accomplish our next goal of responsible growth," concluded Mr. Pandit.

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