Citigroup has posted record second-quarter net profits of $6.23 billion – an improvement of 18 per cent compared with the year ago period.
The company’s performance equated to earnings per share of $1.24 – representing a significantly better than expected return with Wall St analysts anticipating earnings of $1.13 per share.
Revenue, meanwhile, grew by 20 per cent to $26.6 billion.
Principal factors behind the improvement were growth in revenue from investment banking, which was up 28 per cent to $1.47 billion, and a 67 per cent hike in revenue from equity markets to $1.58 billion.
“We have very clear priorities to drive growth and we are executing on all of them,” says Citigroup chairman and chief executive Charles Prince. “We made excellent progress in expanding our business through targeted acquisitions, completing three international transactions, including an increase in our ownership of Nikko Cordial Corporation in Japan to 68 per cent.”