Citi recorded a lower overall income in its Asia institutional business for the second quarter of 2023, according to its financial results, while revenues stay flat.
Citi posted income totalling $697 million in the second quarter of 2023 from continuing operations in its institutional clients group (ICG) business in Asia, according its financial results, down 8 percent year-on-year. Total revenue for the region stayed flat at around $2.2 billion.
Overall for the first half of the year, Citi’s total ICG revenue in Asia increased 3 percent to $4.6 billion while total income was flat at $1.5 billion.
Globally, Citi's net income for the second quarter across all businesses fell 36 percent to $2.9 billion while total revenue dipped 1 percent to $19.4 billion. In the first six months of 2023, net income decreased 15 percent to $7.5 billion.
