Despite The ongoing financial crisis “European sovereign debt crisis" as well as the political tensions witnessed by countries around the world and the Eurozone, Citigroup - the US banking giant - has reported a net Income of $2.9 Billion, earnings per share of $0.95. Citi's net income reported a 12% decline comparing to the second quarter 2011 after the group's announcement of selling its 10% stake in the Turkish Akbank T.A.S. The financial report revealed a 6% (USD 914 million) increase in aggregate results for the first half of 2012, when compared to last year. Moreover the loans portfolio rose with 10% comparing to last year's first quarter to reach USD 527 billion. On the other hand, Citi Holding loans declined from 134 to USD 128 billion, with a 24% decrease comparing to the first quarter of 2012. Commenting on Citigroup financial report during the second half of 2012, Vikram Pandit, Citi's Chief Executive Officer, said “Our core businesses performed well in a difficult environment and was able to generate solid returns. We had strong growth in both loans and deposits, showed resilience in our markets-facing businesses, and saw record revenues in Transaction Services. We reduced Citi Holdings to approximately 10% of our balance sheet while our capital strength and liquidity continue to be among the best in the industry. We remain focused on execution, managing our expenses and our risk, and provide a quality service to our clients." Citigroup Operating expenses had shown a decline by 6%, recording USD12.1 billion in compare with USD 12.9 billion in 2011. Furthermore, Citigroup's cost of credit in the second quarter 2012 was 17% below the prior year period, reflecting a $1.6 billion improvement in net credit losses which was partially offset by a $1.0 billion reduction in net loan loss reserve releases. Citigroup net income had distinctly increased in EMEA achieving USD 692 million during the second quarter of 2012 in compare with 643 in 2011. Total Citi Holdings assets were $191 billion, 28% below the prior year period, and represented approximately 10% of total Citigroup assets. However, International GCB revenues declined 4% to $4.6 billion versus the second quarter 2011, largely reflecting the impact of FX. Compared to the prior year period, revenues declined 4% in Latin America to $2.3 billion, 4% in Asia to $1.9 billion, and 11% in EMEA to $366 million. It is also worth mentioning that at the end of the second quarter 2012, book value per share was $62.61, 4% versus the prior year period end which recorded $60.34. Securities and Banking net income declined recording $1.609 billion in the second quarter 2012, in compare with $1.642 billion in the second quarter of 2011 and $1945 in the first quarter of 2011. Citigroup retail banking revenues grew 32% to $1.6 billion from the second quarter 2011, largely due to higher mortgage revenues. Citi-branded cards revenues declined 8% to $2.0 billion, and Citi retail services revenues declined 3% to $1.5 billion, both versus the prior year period. Citi retail services revenues declined 3% to $1.5 billion, both versus the prior year period. Besides, Investment Banking revenues were 21% below the prior year period to record USD 1.085 billion. Press release
