Citigroup recorded second-quarter profits of $181 million, a staggering 96% less than the $4.2 billion at the same point last year.
Revenue was not as severely affected as it amounted to $19.3 billion compared to $20.3 billion in the second quarter of 2013.
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Citi Private Bank fared slightly better as revenues climbed 2% year-on-year, from $645 million to $656 million.
Michael Corbat, chief executive, said: "Our business showed resilience in the face of an uneven economic environment. During the quarter, we continued to grow loans in our core businesses, reduce operating expenses by simplifying our products and processes and utilise our deferred tax assets. Despite the significant impact of today’s settlement on our net income, our capital position strengthened to an estimated Tier 1 Common ratio of 10.6% on a Basel II basis and our tangible book value increased."
These results follow Citigroup’s agreement to pay nearly $7 billion in fines to settle allegations it sold shoddy mortgages in the run-up to the 2008 financial crisis.
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