Citigroup's net income jumped 18% to $6.23 billion, or $1.24 per share, for the second quarter of 2007, the company has revealed.
The largest bank in the US reported a net income of $5.27 billion, or $1.05 a share, for the same period last year.
The bank also generated record revenues of $26.6 billion for the quarter, up 20%, led by 34% growth in international revenues. International markets and banking revenues grew 50%, international consumer revenues increased 16% and wealth management revenues more than doubled.
Operating expenses increased 16%, driven by increased business volumes and acquisitions, the company said. Citigroup opened or acquired 160 new retail bank or consumer finance branches during the quarter, including 136 internationally and 24 in the US.
We have very clear priorities to drive growth and we are executing on all of them, commented Charles Prince, Citi chairman and CEO.