Citigroup's first-quarter profit remained virtually flat from a year earlier at $2.9bn as revenue, particularly from equity and debt capital markets operations, improved from the fourth quarter.

In a quarter clouded by a tangle of one-time charges related to the value of Citi's own debt, various divestitures, and a reduction of the reserves set aside for future loan losses, the bank was still able to eke out improvements in all three of its lines of business.