Citigroup Inc. (NYSE: C) announced net income of USD 1.3 Billion or USD 0.50 per diluted share on revenues of USD 19.8 Billion. This is compared to USD 4.8 Billion or USD 1.95 per diluted share on revenues of USD 18.8 Billion in q2 of 2019. Revenues rose 5% compared to the prior year, due to Fixed Income Markets and Investment Banking.
Michael Corbat, Citi CEO, said, “While credit costs weighed down our net income, our overall business performance was strong during the quarter, and we have been able to navigate the COVID-19 pandemic reasonably well. The Institutional Clients Group had an exceptional quarter, marked by an increase in Fixed Income of 68%. Global Consumer Banking revenues were down as spending slowed significantly due to the pandemic.
“We entered this crisis from a position of strength. During the quarter, our regulatory capital increased and our CET1 ratio improved to 11.5%, comfortably above our new regulatory minimum of 10%. We continued to add to our substantial levels of liquidity and our balance sheet has plenty of capacity to serve our clients. With a sharp emphasis on risk management, we are prepared for a variety of scenarios and will continue to operate our institution prudently given this unprecedented situation,” Mr. Corbat concluded.
Banking revenues fell USD 5.2 Billion, down 3% compared to the prior year.