Citigroup profits on the up

Citigroup reported a 31 per cent rise in first-quarter profits as it drew down loss reserves for mortgage loans, and revenue from its securities and investment banking business swelled.

Its profits rose to $3.8bn (£2.4bn) from $2.9bn a year earlier during the three-month period, which was the first full quarter under its new chief executive, Michael Corbat.

Excluding certain accounting adjustments in both periods, net income rose to $4bn from $3.4bn.