Citigroup has today reported a 14% fall in quarterly profit, much smaller than the 25% drop the bank's chief executive Michael Corbat had warned of early in June.
The bank, which gets more than half its revenue from outside the US, said its adjusted net income declined to $4 billion in the second quarter ended June 30 from $4.65 billion a year earlier.
Earnings per share slid to $1.24 from $1.45, but beat the analyst average estimate of $1.10, according to Thomson Reuters I/B/E/S.
"These results demonstrate our ability to generate solid earnings in a challenging and volatile environment," Corbat said in a statement.
"Nearly all of our net income came from our core businesses and we continued to reduce non-core assets in Citi Holdings," he added.
The drop in Citigroup's profit reflects US banks' struggle against low interest rates.
After the last rate hike in December - the first in almost a decade - the US Federal Reserve was widely expected to raise rates at least twice this year.
But Wall Street is now uncertain there would be any rate hikes this year, especially after Britain's shock vote to leave the European Union.
Citigroup said its adjusted revenue fell 8.4% to $17.55 billion, but beat the average estimate of $17.47 billion.
The bank's net interest margin shrank to 2.86% from 2.95% a year earlier.
Operating expenses declined 5% to $10.37 billion as the bank spent on generating more credit card loans.
Net interest revenue fell 5% to $11.24 billion.
Citi's investment banking revenue dropped 5.7% to $1.22 billion, while total markets and securities revenue rose 9.8% to $4.66 billion.
Citigroup, like its rivals, saw a spike in trading volumes after Britain voted on June 23 to exit the European Union.
JPMorgan Chase & Co reported stronger than expected trading results yesterday partly to high foreign exchange volumes triggered by the vote.
