Wall Street banking giant Citigroup has reported a profit of $4.4bn (£2.9bn) for the first three months of the year.

The result represents a return to profit after the bank lost $7.6bn in the last quarter of last year after repaying government loans.

However, the bank said it remained “cautious” given the “uncertain economic recovery”.

Last week, rival bank JP Morgan reported better-than-expected first quarter profits of $3.3bn.

Also last week, Bank of America posted a $3.2bn profit for the period