Citi’s revenues rise amid growth across all business lines

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Citigroup on Friday reported an uptick in revenues as each of its five core business lines, including its long-languishing wealth segment, grew profits during the second quarter.

Total revenues for the New York-based megabank were $20.1 billion, up 4% year over year, Citi said in a press release. Excluding the impact of divestitures, revenues rose 3%, it said.

The increase in revenues and a decrease in expenses helped drive up Citi’s net income, which totaled $3.2 billion, an increase of 10% compared to the same quarter last year.

Growth in Citi’s banking segment, which includes business and investment banking, was particularly strong compared to the year-ago period, rising 30% during the quarter.

Citi issued its quarterly results two days after agreeing to pay a total of $136 million in civil money penalties assessed by the Federal Reserve Board and the Office of the Comptroller of the Currency. The regulators allege that Citi violated a pair of 2020 consent orders by not making enough progress to clean up its compliance risk management and internal controls systems.

Operating expenses for the second quarter declined 2% year over year to $13.4 billion, primarily as a result of organizational simplification and other cost-reduction measures, Citi said. The decrease in expenses was partially offset by the fines and other ongoing investments in the risk management overhaul, it added.