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Citigroup: quarterely profit collapses 73%

( - On Tuesday Citigroup announced Q2 profit that is down 73% due to a surge in credit losses, even though its net banking income actually rose over the period.

The fourth largest bank in the US, in terms of assets, generated net profit of 1.3 billion dollars, or 50 cents per share, between April and June, compared with a profit of 4.8 billion dollars (1.95 dollar per share) a year ago.

Meanwhile, analysts were expecting EPS of 30 cents.

At 19.8 billion dollars, net banking income rose 5% year-on-year, as the group benefited from its bond market activities and its investment banking business.

Citi owes the decline in quarterly earnings to a surge in provisions for bad debts relating to the economic crisis caused by the coronavirus pandemic.

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