Citigroup on Monday reported a 12 per cent decline in net income at $2.9 billion in the three months ended June, driven by losses from stake sale in its Turkish asset.
In the year-ago period, the Vikram Pandit-led entity had a net income of $3.34 billion. Citi incurred a $424 million loss in the second quarter related to sale of a 10 per cent stake in Akbank TAS of Turkey.
On the other hand, the banking major recorded an accounting gain of $ 219 million as it reduced the reserve for bad loans by $984 million.
The bank's revenues fell to $18.64 billion in the quarter under review from $20.62 billion in the second quarter of 2011, thus registering a drop of 10 per cent. Revenues from Citi Holdings plunged by 62 per cent from last year.
‘Our core businesses performed well in a difficult environment and are generating solid returns. We had strong growth in both loans and deposits, showed resilience in our markets-facing businesses, and saw record revenues in Transaction Services,’ Citigroup CEO Vikram Pandit said.
In the year-ago period, the Vikram Pandit-led entity had a net income of $3.34 billion. Citi incurred a $424 million loss in the second quarter related to sale of a 10 per cent stake in Akbank TAS of Turkey.
On the other hand, the banking major recorded an accounting gain of $ 219 million as it reduced the reserve for bad loans by $984 million.
The bank's revenues fell to $18.64 billion in the quarter under review from $20.62 billion in the second quarter of 2011, thus registering a drop of 10 per cent. Revenues from Citi Holdings plunged by 62 per cent from last year.
‘Our core businesses performed well in a difficult environment and are generating solid returns. We had strong growth in both loans and deposits, showed resilience in our markets-facing businesses, and saw record revenues in Transaction Services,’ Citigroup CEO Vikram Pandit said.