Excluding CVA/DVA, Citi Holdings revenues were $910 million, up 15% versus the prior year period. Higher revenues in the Special Asset Pool drove the improvement in Citi Holdings revenues from the prior year period reflecting lower asset marks and lower funding costs. The improvement in Special Asset Pool revenues was partially offset by a decline in Local Consumer Lending revenues, mainly due to the continuing decline in assets. Total Citi Holdings assets of $149 billion declined $60 billion, or 29%, from the first quarter 2012. Citi Holdings assets at the end of the first quarter 2013 represented approximately 8% of total Citigroup assets. Citigroup's net income rose to $3.8 billion in the first quarter 2013 from $2.9 billion in the prior year period. Excluding the impact of CVA/DVA and the gain on minority investments in the first quarter of 2012, Citigroup net income increased 17% to $4.0 billion. This increase was driven by revenue growth and lower net credit losses, partially offset by higher expenses, a lower loan loss reserve release and a higher effective tax rate. Operating expenses of $12.4 billion were 1% higher than the prior year period mainly reflecting an increase in legal and related costs and repositioning charges. Citigroup's allowance for loan losses was $23.7 billion at quarter end, or 3.7% of total loans, compared to $29.0 billion, or 4.5% of total loans, at the end of the prior year period. The loan loss reserve release of $652 million in the quarter was down 44% from the prior year period. Reserve releases in Citicorp of $301 million compared to $589 million in the first quarter 2012, predominantly reflecting lower releases in North America GCB, largely related to Citi-branded cards. Citigroup's capital levels and book value per share increased versus the prior year period. Book value per share was $62.51 and tangible book value per share was $52.35, 1% and 3% increases respectively versus the prior year period. Citigroup's Basel I Tier 1 Capital Ratio was 13.1% and its Basel I Tier 1 Common Ratio was 11.8%, each reflecting the final U.S. market risk capital rules (Basel II.5) which became effective on January 1, 2013. Citigroup's estimated Basel III Tier 1 Common Ratio was 9.3% at the end of the first quarter 2013.
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