Citigroup said today its second-quarter profit rose 18 per cent as strong overseas operations helped the biggest US bank pull in record revenues.
The New York-based bank has taken advantage of faster-growing markets around the world as the sluggish US housing market and other factors slow domestic business.
Citigroup said net income rose to $6.23 billion, or $1.24 per share, in the April to June period, from $5.27 billion, or $1.05 a share, in the same period a year earlier.
Revenue in the quarter grew 20 per cent to a record $26.63 billion from $22.18 billion a year earlier. International revenue soared 34 per cent to $12.56 billion.
The results beat the average forecast of analysts surveyed by Thomson Financial of earnings of $1.13 a share and revenue of $24.89 billion.
Citigroup stock rose more than 1 per cent in pre-market trading. It has been trading in the middle of its 52-week range of $46.64 to $57.