Net profit +45% for the American bank Citigroup, which in the second quarter of 2013, like its competitor JP Morgan, exceeded analysts' forecasts.
Revenues reached 20,5 billion, of which 4,2 turned into profit, corresponding to 1,34 dollars per share (up from 95 cents achieved in the same period last year).
Management recorded a 25% drop in credit losses to 2,6 billion, and a strong recovery in the profitability of equity trading, the real engine of the increase in performance.
Lastly, the result benefited from the extraordinary item linked to the sale of 10% in Akbank, without which the profit would still have reached 3,9 billion, equal to 1,25 dollars per share.
"We are satisfied with a well-balanced result between the bank's various businesses and the various geographical areas, especially those of emerging countries" commented Citigroup CEO Michael Corbat.
Attachments: JP Morgan quarterly
