Citigroup gained $350m from the initial public offering of Tradeweb, the bond-trading platform, cushioning the impact of an otherwise difficult quarter for its advisory and trading businesses.

The US bank reported a 6.6% year-on-year rise in group net profits to $4.8bn for the three months. Revenues of $18.8bn — up 2% — and earnings per share of $1.95 were both ahead of analyst forecasts.