Citigroup, Inc. (NYSE: C) on Friay reported that its second quarter net income rose 24% to $3.3 billion, or $1.09 per share, from $2.7 billion, or 90 cents per share, in the year-ago quarter. Revenue declined 7% to $20.6 billion from $25.42 billion. Analysts, on average, expected the company to report earnings of 97 cents per share on revenue of $19.94 billion. Net Credit Losses Declined 35% from Prior Year Period to $5.1 Billion
Vikram Pandit, Citi's Chief Executive Officer, said, "Citi achieved another solid quarter of operating performance as we continue to execute our strategy. 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. Although the near-term macroeconomic outlook is uneven, Citi is consistently profitable and we remain focused on producing responsible growth by serving our clients."
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