New York (Reuters) – Citigroup reported on Tuesday of a quarterly profit up 25% in the second quarter, in a context of increased market volatility and transactions resumption after a period of turbulence.
The net profit of the third American bank appears at $ 4 billion (3.43 billion euros), or $ 1.96 per share, during the quarter from April to the end of June, an increase of 25% compared to the same period of the previous year.
The equity and bond markets have experienced great volatility since April, when US President Donald Trump has announced severe customs duties against the main business partners.
Volatility often promotes exchanges, customers hasten to adjust their wallets.
Citi’s net banking product increased by 8% in the quarter compared to the previous year to reach $ 21.7 billion, recording records in the second quarter for its service, wealth management and banking activities in individuals in the United States.
Revenues from Citi market activities have jumped 16% to 5.9 billion dollars.
Investment banking activity has remained sluggish during most of the quarter, economic uncertainty and market volatility that made companies reluctant to carry out transactions.
But a rebound in June, marked by a series of grants on the stock market and acquisitions of several billion dollars, fueled optimism for the second half of the year.
Citi’s investment bank fees increased by 13% in the second quarter, while the overall activity of activity increased by almost 19% to $ 1.9 billion.
The leaders of the financial sector have cited the solidity of the IPO projects and transactions as indicators of the resumption of activity in the second half, in a context of attenuation of economic uncertainty.
Citi’s activities have progressed in the last quarters, after the director general Jane Fraser carried out an in -depth reshuffle aimed at increasing the profits. The banking division was also strengthened under the direction of Viswas Raghavan, which was hired a year ago from JPMorgan.
(Written by Tatiana Bautzer in New York and Manya Saini in Bangalore, Diana Mandia, edited by Augustin Turpin)
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