Citigroup has today reported a 16% increase in quarterly profit, as the Wall Street bank benefited from lower taxes, higher fee income and strength in its consumer banking business in Mexico.
The third-largest US bank by assets said net income rose to $4.49 billion in the second quarter ended June 30, from $3.87 billion a year earlier.
Pretax profit from continuing operations increased 5%, while earnings per share rose to $1.63 from $1.28.
Analysts on average had expected earnings per share of $1.56, according to Thomson Reuters I/B/E/S.
The bank's provision for income tax fell by $351m, following President Donald Trump's corporate tax rate cuts.
The bank said buybacks reduced shares outstanding by 8% from a year earlier, further boosting earnings per share.
Revenue rose about 2 percent to $18.47 billion. Analysts had estimated revenue of $18.51 billion.
JPMorgan Chase & Co's quarterly profit topped Wall Street's expectations today, as trading revenue came in much higher than expected and demand for loans increased on the back of a strengthening US economy.
