Citi Private Bank’s revenues in the fourth quarter were $501 million, up $4 million, or 1 per cent from the previous quarter. Higher client business volumes mainly drove the increase, the bank said.

Parent Citigroup reported fourth quarter 2010 net income of $1.3 billion, or $0.04 per diluted share, compared to a net loss of $7.6 billion, or $0.33 per diluted share, in the fourth quarter 2009. Citigroup net income for full year 2010 was $10.6 billion, or $0.35 per diluted share, compared to a net loss of $1.6 billion, or $0.80 per share, in the full year 2009.

“2010 was a year full of milestones and was critical for the turnaround of this institution,” Vikram Pandit, chief executive officer of Citigroup, said in a statement. “Our goal was to achieve consistent profitability and I am very pleased that with our fourth consecutive profitable quarter, we earned $10.6 billion for the year.”