Second-quarter profit fell year-on-year at Citi, while the US firm also logged a slight dip in private banking revenues.

Citi Private Bank reported that revenues slipped 1 per cent to $738 million for the second quarter of 2016, from $747 million a year ago, primarily driven by lower capital markets and managed investments revenues.

Citigroup as a whole logged $4 billion in net income for Q2 2016, on revenues of $17.5 billion. This compares to net income of $4.8 billion on revenues of $19.5 billion for the same period a year ago.

Operating expenses at the US-listed firm fell by 5 per cent to $10.4 billion, as lower expenses at Citi Holdings and a benefit from foreign exchange translation were partially offset by ongoing investments in Citicorp.

Earnings per share slid to $1.24 from $1.45, although beating analysts' average estimate of $1.10, according to Thomson Reuters.