India, July 14 -- Banking major Citigroup Inc. (C) reported Tuesday significantly higher profit in its second quarter, driven by lower provision for credit losses and higher revenues, partially offset by higher expenses.
The company added that its growing earnings generation will allow it to increase planned dividend by 12 percent.
Meanwhile, the shares were losing around 2 percent in the pre-market activity on the NYSE.
Citi Chair and CEO Jane Fraser said, "With net income up 45 percent, this was Citi's best quarterly revenue in a decade with double-digit revenue growth for the firm and in four out of our five businesses. Services delivered its highest ever quarterly revenue and a return of over 30 percent."
In the second quarter, the ...