This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/news/business-23314925

The article has changed 2 times. There is an RSS feed of changes available.

Version 0 Version 1
Citigroup reports surge in second quarter profits Citigroup reports surge in second quarter profits
(about 2 hours later)
Citigroup has continued a strong second quarter for the biggest US banks.Citigroup has continued a strong second quarter for the biggest US banks.
It reported a net income of $4.2bn (£2.8bn) for the three months to the end of June, that's up 42% on the same period last year.It reported a net income of $4.2bn (£2.8bn) for the three months to the end of June, that's up 42% on the same period last year.
That comparison is flattered by a big, one-off charge taken by Citigroup in the second quarter of 2012.That comparison is flattered by a big, one-off charge taken by Citigroup in the second quarter of 2012.
The bank was also helped this year by a large reduction in the money set aside for loans going bad and an accounting benefit related to the bank's debt.The bank was also helped this year by a large reduction in the money set aside for loans going bad and an accounting benefit related to the bank's debt.
Excluding the accounting benefit and last year's charge, Citigroup net income increased 26% to $3.9bn.Excluding the accounting benefit and last year's charge, Citigroup net income increased 26% to $3.9bn.
StrongStrong
Michael Corbat, chief executive of Citi, said: "Our businesses performed well during the quarter and these results are well-balanced through our products and geographies, especially in the emerging markets, where growth is being challenged."Michael Corbat, chief executive of Citi, said: "Our businesses performed well during the quarter and these results are well-balanced through our products and geographies, especially in the emerging markets, where growth is being challenged."
The company's share trading business performed strongly, reporting sales of $942m (£626m) up almost 70% on last year. Mr Corbat has been cutting costs since October, when Citigroup's board put him in charge after removing Vikram Pandit.
The bank's headcount was 253,000 by the end of the second quarter, down by 8 thousand compared to the same period of 2012.
As well as cost cuts Citigroup has been helped by its share trading business which reported sales of $942m (£626m) up almost 70% on last year.
Citigroup's results match those from its US rivals.Citigroup's results match those from its US rivals.
On Friday, JP Morgan recorded a profit of $6.5bn (£4.3bn) for the second quarter of 2013, up 31% from a year ago.On Friday, JP Morgan recorded a profit of $6.5bn (£4.3bn) for the second quarter of 2013, up 31% from a year ago.
Separately, Wells Fargo reported a 20% rise in quarterly profits to $5.27bn as it set aside less money for bad loans.Separately, Wells Fargo reported a 20% rise in quarterly profits to $5.27bn as it set aside less money for bad loans.