American banking giant Citigroup’s second-quarter net income jumped to $4.84bn, or $1.51 per share, from $181m, or $0.03 per share a year ago, when the bank had $3.7bn in costs from settling a mortgage-bond probe.
Total revenues for the quarter were $19.47bn compared to $19.42bn in eth second-quarter of 2014.
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The group’s Private Bank revenues increased 13% from the prior year period to $746m, driven by increased loan and deposit balances and growth in investments and capital markets products.
The group’s operating expenses were $10.9bn in the second quarter 2015, down 30% versus the prior year period.
Commenting on the performance, Citigroup CEO Michael Corbat said: "Our results for the quarter show very balanced performance across our business lines. We grew loans and deposits in constant dollars in Global Consumer Banking, while also gaining wallet share among target clients in our Institutional Clients Group. Citi Holdings remained profitable and we again reduced its assets, having completed the sales of additional consumer businesses.
"As we increased our capital return, we still continued to grow our regulatory capital, raising our Common Equity Tier 1 Capital ratio to 11.4%. Through active expense and balance sheet discipline, we are on track to reach our financial targets for the year."
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