US banking giant Citigroup has recorded a strong rise in second-quarter profit, as falling credit losses offset a drop in revenues.
Net profit increased to $3.3 billion in the April-June period, a 24% jump from $2.7 billion in the same period last year, and an 11% increase from the first quarter of 2011. Earnings per share were $1.09, beating analysts' consensus estimate of 97 cents.
Revenues came in at $20.6 billion, ahead of expectations, but 7% lower than in the same period last year.
'We produced growth in both loans and deposits in Citicorp, reduced assets in Citi Holdings, continued to invest in our core businesses, and improved our financial strength,' chief executive Vikram Pandit said in a statement.
Citi Holdings was the company created to hold risky and distressed assets after the financial crisis, while Citicorp contains the banking giant's profitable core businesses.
The upbeat report from Citigroup came one day after JPMorgan Chase reported a 13% increase in profits in the second quarter.
