Citigroup posts record Q2 earnings
Citigroup, the owning company of Citibank, NA, reported revenue of US$ 22.18 billion and a net after tax income of $ 5.27 billion for the three months that ended on June 30, 2006, which is a 4 per cent increase over the second quarter earnings in 2005. Revenues also increased by 10 per cent. International revenues increased 17 per cent and international net income was up 11 per cent, says a press release. A record 270 new branches were opened, including 74 in the US and 196 internationally. Year-to-date, 508 branches have been opened, of which 110 are in the US and 398 globally. "In the second quarter, we achieved our second highest income from continuing operations while making significant progress in our strategic initiatives. In international consumer, strong volume growth across our franchises drove a 12 per cent increase in revenues. And in corporate and investment banking, we achieved our second highest revenues," said Charles Prince, chairman and chief executive officer of Citigroup. Reuters from New York adds: Revenue from continuing operations increased 10 percent to $22.18 billion, and return on common equity was 18.6 percent. Operating expenses rose 16 percent to $12.77 billion, including a 35 percent jump in investment banking pay and benefits. Analysts polled by Reuters Estimates on average forecast profit of $1.05 per share on revenue of $22.34 billion.
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