Citigroup recorded flat growth in income for the second quarter in Asia, with challenges such as headwinds from wealth management fees.
Amid slower growth, ongoing market volatility and dented sentiments, Citi posted $761 million in income for the second quarter in Asia, according to the latest results, up 1 percent from $751 million in the same period last year. The bank also registered revenues of $2.18 billion in Asia, up 3 percent from $2.11 billion.
While the bank’s wealth management business saw growth in deposits and loans, this was offset by headwinds in investment fees, especially in Asia, which resulted in $1.9 billion in global revenues, down 1 percent.
Citi’s Asia consumer business – now a legacy franchise making exits from various markets like Australia, China and India – posted $880 million in revenue, down 16 percent.
«While the world has changed since our Investor Day in March, our strategy has not and we are executing it with discipline and urgency,» said Citi CEO Jane Fraser.
