Citi reported Securities and Fund Services (SFS) revenues of $730 million in the second quarter of 2013, a 5% increase on the prior corresponding period of 2012, as higher settlement volumes and fees more than offset lower net interest spreads.
Assets under custody in the transaction services business increased 10% from the second quarter 2012 to $13.4 trillion. Investment banking revenue increased 21% to $1.0 billion, with growth in all major products.
The second quarter of 2013 has seen an increase in securities and banking net income but a decrease in transaction services net income for Citi. Transaction services net income of $803 million declined 9%, reflecting the decline in revenues and a higher effective tax rate, partially offset by lower credit costs.
Meanwhile, Treasury and Trade Solutions (TTS) revenues of $2.0 billion declined 3% as the impact of continued spread compression globally offset loan and deposit growth.
Citi Increases AuC by 10 Percent
Citi reported Securities and Fund Services (SFS) revenues of $730 million in the second quarter of 2013, a 5% increase on the prior corresponding period of 2012, as higher settlement volumes and fees more than offset lower net interest spreads.