Citigroup has been reducing the amount set aside for bad debts
Citigroup has continued a strong second quarter for the biggest US banks.
It reported a net income of $4.2bn (£2.8bn) for the three months to the end of June, that's up 42% on the same period last year.
That comparison is flattered by a big, one-off charge taken by Citigroup in the second quarter of 2012.
The bank was also helped this year by a large reduction in the money set aside for loans going bad and an accounting benefit related to the bank's debt.
Excluding the accounting benefit and last year's charge, Citigroup net income increased 26% to $3.9bn.
StrongMichael Corbat, chief executive of Citi, said: "Our businesses performed well during the quarter and these results are well-balanced through our products and geographies, especially in the emerging markets, where growth is being challenged."
The company's share trading business performed strongly, reporting sales of $942m (£626m) up almost 70% on last year.
Citigroup's results match those from its US rivals.
On Friday, JP Morgan recorded a profit of $6.5bn (£4.3bn) for the second quarter of 2013, up 31% from a year ago.
Separately, Wells Fargo reported a 20% rise in quarterly profits to $5.27bn as it set aside less money for bad loans.
Source: BBC News - Business http://www.bbc.co.uk/news/business-23314925#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa
