Citigroup Inc (C.N) reported a 16 percent increase in quarterly profit on Friday, as the Wall Street bank benefited from lower taxes, higher fee income and strength in its consumer banking business in Mexico.
The third-largest U.S. bank by assets said net income rose to $4.49 billion in the second quarter ended June 30, from $3.87 billion a year earlier. Pretax profit from continuing operations increased 5 percent.
Earnings per share rose to $1.63 from $1.28.
Revenue rose about 2 percent to $18.47 billion. Analysts had estimated revenue of $18.51 billion.
Through Thursday, Citigroup shares are down 7.9 percent for the year, compared with the 1 percent drop in the broader KBW Bank Index.
JPMorgan Chase & Co’s (JPM.N) quarterly profit topped Wall Street’s expectations on Friday, as trading revenue came in much higher than expected and demand for loans increased on the back of a strengthening U.S. economy.
Jr_Trader Nihat Dail
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