Citigroup: profit rises 6 percent on cost discipline

(CercleFinance.com) - Citigroup reported a 6 percent increase in quarterly net profit on Monday, as the US bank benefited from lower expenses in an "uncertain environment".


Net income for the New York-based bank rose to 4.8 billion dollars in the second quarter ended June 30, from 4.5 billion dollars a year earlier.

Earnings per share rose to 1.95 dollar, from 1.63 dollar, also helped by disciplined credit and risk management, Citi CEO Michael Corbat said.

Revenues increased 2% from the prior-year period, boosted by an approximately 350-million-dollar gain on investment in electronic trading platform Tradeweb.

In the meantime, Citi's expenses fell 2 per cent to 10.5 billion dollars with the bank's efficiency ratio—operating expenses compared to revenues—now standing at 56%.

Copyright (c) 2019 CercleFinance.com. All rights reserved.