Citigroup's global corporate and investment bank rode its number one position in the bond market to a 22% year-on-year rise in income during the first quarter, as the financial services group posted record results.

The capital markets and banking unit reported income of $1.23bn (€1.15bn), or 10% more than a year ago, although revenues fell by 5% as "record" results for fixed income were offset by lower equity and investment banking flows.