Net Income At Citi Private Bank Rises 13 Per Cent, Group Profit Gains

Eliane Chavagnon

16 July 2015

Private banking revenues at rose by 13 per cent to $746 million at 30 June, 2015, from the prior-year period, driven by higher loan and deposit balances and growth in investments and capital markets products, the firm said today.

Private banking revenues are also up by 5 per cent quarter-on-quarter from $708 million at end-March 2015.

Citigroup as a whole reported net income for the second quarter 2015 of $4.8 billion, or $1.51 per diluted share, on revenues of $19.5 billion. This compares to net income of $181 million, or $0.03 per diluted share, on revenues of $19.4 billion for the second quarter 2014.

Citigroup’s operating expenses were $10.9 billion in Q2 2015, 30 per cent lower than in the prior-year period, primarily due to lower litigation costs. Excluding the impact of the mortgage settlement in the prior year period, operating expenses fell 7 per cent.