Strong second quarter for Citigroup

<p>Citigroup has released strong financial results for the second quarter.</p>

The share price of Citigroup is up today (July 15th) after the US bank confirmed it had a strong second quarter of the year.

It was announced by the company that it made a net income of $4.2 billion (£2.8 billion) for the three months to the end of June.

Citigroup revealed that this was a rise of 42 per cent on the figures for the previous year.

Michael Corbat, chief executive of Citi, stated the company is satisfied it has "performed well" over the course of the year so far.

He said: "These results are well-balanced through our products and geographies, especially in the emerging markets, where growth is being challenged."

At 16:21 BST, the share price of the US bank is up by 0.94 per cent on the start of trading on the Nasdaq index, a rise of 0.47 points for the day.

Wells Fargo and JP Morgan are among the other big US banks to have recently confirmed positive sets of financial results for the year so far.

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