Net income for the largest U.S. bank rose to 5.64 billion dollars, up from 5.44 billion dollars a year ago on revenues that rose 5 percent to 22.2 billion dollars.

    But in the U.S., earnings dropped 13 percent and revenue fell 1 percent, as rising short-term interest rates cut lending margins. Globally, profits jumped 47 percent and revenue rose 19 percent.

    "I'm very, very pleased with our accomplishments and our financial performance," chief executive Charles Prince said. "While I don't expect a quick turn in the U.S. consumer business, I do expect better results in the future."

    Corporate and investment banking profit rose 15 percent to 1.9 billion dollars, helped by record results in emerging markets trading, municipal bonds and credit products. Revenue from equity markets surged 67 percent while fixed income rose 8 percent.

    Citigroup also said it authorized the buyback of up to 10 billion dollars of stock. It had set a 15-billion-dollar buyback last April.

    Citigroup shares closed Thursday at 48.05 dollars on the New York Stock Exchange. Enditem

    (Agencies)