US banking giant Citigroup has unveiled a 4 per cent rise in first-quarter profits, helped by strong revenues at its corporate and investment banking operations.

The New York-based firm said net income in the three months to March 31 was $5.64bn, or 1.12 cents per share, compared with $5.44bn, or 1.04 cents per share, a year earlier.

Revenue from ongoing operations jumped 5 per cent to $22.18bn, while international revenues were up 47 per cent on the same period last year.

In the US, profits declined 13 per cent and revenue fell 1 per cent.

The results included a $846m charge related to stock grants awarded to retirement-eligible employees, and a $657m tax benefit related to the resolution of a federal tax audit for the years 1999 through 2002.

"I am very pleased with our first quarter accomplishments, which included strong growth in client activity across many franchises," said chief executive Charles Prince.

"We are seeing the benefits from our investment spending, which helped generate record revenues in our international businesses and record revenues globally in our corporate and investment banking business.

"Strength in these franchises more than offset weaker results in our US consumer business."

During the quarter, 238 new branches were opened, including 36 in the US and 202 internationally.

The company also repurchased 43 million shares of its own stock for about $2bn.