Citigroup Reports 12% Decrease in Revenues During Q2 2021

Citigroup Inc yesterday reported its financial figures for the second quarter of 2021, revealing a drop in revenues compared to Q2 2020.

More specifically, the bank registered a net income of $6.2 billion, compared to $1.1 billion from a year earlier. Revenues came in at $17.5 billion, showing a 12% YoY decrease. That number for the corresponding period in 2020 was $19.8 billion. Per diluted share for the last quarter reached $2.85, compared with last year's $0.38. The operating expenses in Q2 2021 approached $11.2 billion.

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In addition, Fixed Income Markets posted revenues of $3.2 billion, 43% lower than Q2 2020. Equity Markets revenues increased to $1.1 billion while Securities Services revenues increased to $672 million. ICG net income reached $3.8 billion, as the lower cost of credit more than offset the decline in revenues and higher expenses. Markets and Securities Services revenues of $4.8 billion decreased 30%. 

As Fazzaco reported earlier, Citigroup has officially launched a new business unit, Digital Assets Group​, to enter the cryptocurrency and blockchain space. Digital Assets Group will sit within its wealth management division, Citi Global Wealth Investments. The new unit will be led by Alex Kriete and Greg Girasole.