Revenue for the second quarter of current fiscal also declined by 10% to $18.6bn compared to revenues of $20.6bn during the corresponding period earlier year.
CVA/DVA was a positive $219m in the second quarter of 2012, resulting from the widening of Citi’s credit spreads, against to a positive $164m in the prior year period.
Second quarter results also included a net loss of $424m ($274m after-tax) from the previously announced sale of a 10.1% stake in Akbank TAS.
Citigcorp revenues stood at $18bn, with an increase of 10% compared to $16.3bn in the second quarter of 2011 while Citi Holdings revenues dived sharply by 62% to $924m in the second quarter of 2012, against revenue of $4bn during the same quarter a year ago.
Citi Holdings reported that it sustained a net loss of $920m in the second quarter of 2012 versus a loss of $661m in the prior year period.
Corporate/Other net loss stood at $437m in the current quarter period, compared to a loss of $63m in the prior year period, due primarily to the loss on the Akbank sale.
Citi serves nearly 200 million customers and does business in more than 160 nations and jurisdictions by offering a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
