Citigroup & Bank of America announce improved second-quarter profits


Citigroup has posted record second-quarter net profits of $6.23 billion - an improvement of 18 per cent compared with the year ago period. The company's performance equated to earnings per share of $1.24. Revenue, meanwhile, grew by 20 per cent to $26.6 billion.

Principal factors behind the improvement were growth in revenue from investment banking, which was up 28 per cent to $1.47 billion, and a 67 per cent hike in revenue from equity markets to $1.58 billion.

Bank of America (BofA) has recorded second-quarter profits of $5.76 billion, or $1,28 a share a rise of 5.2 per cent compared with the year ago period. The bank's net income in the second quarter of 2006 had stood at $5.48 billion, or $1.19 a share. Revenue, meanwhile, was up 7.8 per cent to $20 billion.

Principal factors behind the improved performance were a 17 per cent increase in fee income to $11.2 billion, while gains from equity investment were also up to $1.83 billion from a figure of $699 million for the same period last year.

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