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Citigroup reports healthy rise in profit in Q2

The world's largest bank, Citigroup, has reported increasing profit from continuing operations by 11% as revenues were up by 10% in the second quarter.

The US-headquartered banking giant said income from continuing operations was $5.26 billion for the second three months of its financial year. Net income for the second quarter of 2006 came in at $5.27 billion, a 4% increase on the previous year. The bank’s international operations faired better than its domestic business, as revenues improved by 17%.

Broken down by sectors, corporate and investment banking revenues were the second highest ever, increasing 31%; income increased 26%.

International consumer revenues and net income grew 12% and 10%, respectively. Average loans were up 6% and deposits increased 9%. Retail banking investment sales grew 60%, and card purchase sales increased 15%.

Global wealth management revenues were up 19%, with client assets under fee-based management up by 23%.

Citigroup’s US cards business improved net profit by 19% despite negligible increases in revenue thanks to a reduction in bad debt. International cards revenue grew 28%, but net income declined due to Citigroup’s exposure to the troubled Taiwanese credit card market.