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.”

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.