Citi posts $2.9 bn profit in second quarter

Citigroup profits fell 12 percent in the second quarter compared to the same period a year before, the bank announced Monday. The US banking giant said it made $2.9 billion for the quarter as a drop in revenues from Europe, the Middle East and North Africa restrained profits. The strengthening of the dollar against the euro and other currencies played a role. "Our core businesses performed well in a difficult environment and are generating solid returns," said Vikram Pandit, Citi's chief executive. "We had strong growth in both loans and deposits, showed resilience in our markets-facing businesses, and saw record revenues in Transaction Services." The earnings, while weaker than a year ago, beat Wall Street estimates, pushing Citigroup stocks 1.9 percent higher in pre-market trade.