Net profit of Citigroup exceeded the forecasts in the second quarter

The net profit of Citigroup, one of the top three US banks, in the second quarter increased to 4 billion 490 million dollars against 3 billion 870 million dollars for the second quarter of last year. In earnings per share, profit was 1 dollar 63 cents, while Wall Street analysts had expected the figure to be 1 dollar 56 cents per share. Revenues increased by 2% to 18 billion 470 million dollars compared to analysts' forecast of 18 billion 510 million dollars. The retail division increased its revenue by 2%, the department for working with institutional clients - by 3%. At the same time, the corporate customer service division reduced its revenue by 20%. The profitability of the share capital increased from 6.8% to 9.2%. Thanks to the tax reform in the United States, the effective tax rate on the bank's profit decreased from 32% to 24%.

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