Citigroup sees income, revenue decline in 2nd quarter of 2023

Net income plummets 37% annually, revenue falls around 9%

By Ovunc Kutlu

ISTANBUL (AA) - Citigroup saw both its income and revenue decline in the second quarter of this year, according to its financial results statements released Friday.

The US-based multinational investment bank and financial services posted a net income of $2.9 billion in the April-June period, which was down 37% from $4.6 billion from the same period of last year.

Its total revenue decreased by approximately 9% from $21.4 billion to around $19.4 billion year-on-year.

"Markets revenues were down from a strong second quarter last year, as clients stood on the sidelines starting in April while the U.S. debt limit played out," CEO Jane Fraser said in the statement.

Amid weak results, Citigroup stock price was down 2.9% to $46.29 per share at 11.30 a.m. EDT, from the previous close of $47.67 a share.

Kaynak:

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