Citigroup has reported adjusted net income of $4bn for the second quarter of 2016, down 14% compared to $4.6bn in the year-ago quarter.
The fall was driven by the lower revenues and a higher effective tax rate, partially offset by lower cost of credit and lower operating expenses, the American bank said in its earnings statement.
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Adjusted revenues for the quarter were $17.5bn, a fall of 8% from $19.1bn a year earlier.
The group's operating expenses dropped 5% to $10.4bn from $10.9bn during the same quarter in 2015.
The group's Private Bank revenues dropped 1% to $738m in the second quarter of 2016 from $747m in the prior year, mainly due to lower capital markets and managed investments revenues.
Citigroup CEO Michael Corbat said: "These results demonstrate our ability to generate solid earnings in a challenging and volatile environment, again highlighting the resilience of our institution. Nearly all of our net income came from our core businesses and we continued to reduce non-core assets in Citi Holdings.
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By GlobalData“We significantly improved our efficiency ratio, return on assets and return on tangible common equity from the first quarter. We also grew loans in both our consumer and institutional businesses, reduced expenses, and utilized additional deferred tax assets, bringing the total utilized to $10 billion over the last four years.”
