Citigroup posted better-than-expected quarterly income as losses on troubled assets narrowed, but revenue declined in many of its major businesses and operating expenses remained stubbornly high.

First-quarter adjusted net income rose to $4.15 billion, or $1.30 per share, from $4 billion, or $1.29 per share a year earlier, the third-largest US bank said yesterday.

Total net income under Generally Accepted Accounting Principles rose to $3.94 billion, or $1.23 per share, from $3.81 billion, or $1.23 per share.

The biggest boon to Citigroup's first-quarter results came from Citi Holdings, where losses narrowed by about $500 million, excluding an accounting adjustment, as credit losses fell 44 per cent.-Reuters