American investment bank Citigroup Inc. reported a quarter-on-quarter decline in its second-quarter bottom line even as profits surged from the previous year, the firm announced in a statement.
- Citigroup reported a $6.193 billion net income for the second quarter, up from the $1.056 billion in 2020 but down from $7.942 billion in the first three months of the year. Revenues slipped to $17.474 billion, down 10% quarter-on-quarter and 12% lower year-on-year.
- Citi attributed the decline of revenues to the normalization of market activity in the fixed income markets, on top of the lower interest rates that were in place during the quarter.
- Citi Chief Executive Officer Jane Fraser said the latest figures reflect the faster-than-expected recovery of the global economy, driving optimism for the momentum ahead.
- Fraser said the bank has made steps towards refreshing its consumer and institutional businesses. It is set to modernize the bank and improve in risk and control environment, operations, and client services.
Earnings per share for the quarter surged to $2.85 from $0.38 in 2020. C is up 2.63%.