Citi profit rises 16% in second quarter

Citigroup reported second quarter earnings results Friday morning.

The bank reported adjusted earnings of $US1.63, up 27% from year-ago period

Here’s the rest of the earnings:

  • Revenue: $US18.5 billion, up 3.5% from 2017
  • Net income: $US4.5 billion, up 16%
  • Markets: Trading revenues decreased 1% to $US4.5 billion, as a strong performance in equities trading revenue was offset by weaker fixed income results.
  • Consumer banking: Revenues of $US8.3 billion increased 2% over the year-ago period, boosted by good results in retail banking. However, the business saw lower revenues in Citi-branded cards.

Citi CEO Michael Corbat said in a press release, “These results demonstrate good momentum across our franchise and that we are firmly on track to achieve the financial targets we introduced last year at Investor Day.”

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