Citigroup increased quarterly profit by 7%


Citigroup, one of the largest US banks, reported net profit growth of 7% in the second quarter compared to the same period last year to $4.799 billion. The bank recorded adjusted earnings of $1.94 per share, while experts had predicted $1.81 per share. Revenue amounted to 18.758 billion dollars, an increase of 2% over the year. According to economists, the figure was expected at $18.5 billion. Net interest income reached $11.95 billion but turned out to be lower than economists' forecast of 12.03 billion. The main factors contributing to the growth of quarterly indicators were a reduction in bank expenses and a reduction in the tax rate. Thanks to the payment of dividends and the repurchase of 54 million of its own shares, the bank returned to shareholders 4.6 billion dollars during the earnings period.

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