Citigroup revenues up, net income down in Q2

SIOUX FALLS, S.D. — Citigroup Inc. recently reported net income for the second quarter 2017 of $3.9 billion, or $1.28 per diluted share, on revenues of $17.9 billion.

This compared to net income of $4 billion, or $1.24 per diluted share, on revenues of $17.5 billion for the second quarter 2016.

Revenues increased 2 percent from the prior year period. Net income decreased 3 percent, as the higher revenues were more than offset by higher cost of credit and operating expenses, as well as a higher effective tax rate.

Earnings per share of $1.28 increased 3 percent from $1.24 per diluted share in the prior year period, driven by a 6 percent reduction in average diluted shares outstanding, partially offset by the lower net income.

Citi has an operations center north of Hagerstown, Md.

Citi has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions.