Financial services company Citigroup today said its operating earnings rose 13 per cent in the second quarter, buoyed by growth at its international consumer arm.
The slowing US economy and stock market slump left many US banks with unpaid debt and losses on investments, but Citigroup prospered at its far-flung consumer banking operations.
The New York-based company - which runs banking, insurance and brokerage operations in around 100 countries - earned $3.79 billion on an operating basis in the quarter, or 74 cents a share, compared with $3.34 billion, or 65 cents a share.
Profits at its consumer business, including credit cards and mortgages, rose 19 per cent in the quarter to $1.89 billion, bolstering overall results.
Income at its consumer finance arm, CitiFinancial, rose 40 per cent to $286 million, helped by cost savings from the firm's purchase of top consumer lender Associates First last year.
Citigroup also said its global corporate division, which includes its investment and corporate banking businesses, posted a 10 per cent rise in profits to $1.67 billion.
Profits at its emerging markets corporate banking division, a vast and expanding business for Citigroup, rose 35 per cent to a record $467 million in the quarter.
In May, Citigroup announced plans to buy Mexico's second-biggest banking group, Grupo Financiero Banamex-Accival (Banacci), for $12.5 billion in cash and stock.