The net profit of Citigroup, one of the top three US banks, in the second quarter increased to 4 billion 490 million dollars against 3 billion 870 million dollars for the second quarter of last year. In earnings per share, profit was 1 dollar 63 cents, while Wall Street analysts had expected the figure to be 1 dollar 56 cents per share. Revenues increased by 2% to 18 billion 470 million dollars compared to analysts' forecast of 18 billion 510 million dollars. The retail division increased its revenue by 2%, the department for working with institutional clients - by 3%. At the same time, the corporate customer service division reduced its revenue by 20%. The profitability of the share capital increased from 6.8% to 9.2%. Thanks to the tax reform in the United States, the effective tax rate on the bank's profit decreased from 32% to 24%.
On Friday, Caterpillar Inc (CAT.N) announced a lower second-quarter profit because of the recession caused by the coronavirus outbreak. The decline was due to lower sales volume and changes in dealer inventories. During the second quarter ...
On Thursday, the United States’ Gross Domestic Product (GDP) suffered the biggest economic decline in the second quarter as the surge of coronavirus cases affected the whole country. The U.S. government decided to shut down restaurants, ...
Samsung Electronics Co Ltd looks forward to the second half of the year as it expects a larger increase in chip demand brought by new smartphone launches. However, the company warned that the coronavirus crisis and trade disputes carry risks. Samsung, ...
The second quarter had seen Australian consumer prices dropping by a record. This could be attributed to the coronavirus crisis dragging child care cost and petroleum prices, inflicting a serious damage to years of growth toward higher inflation. Last ...
Spain’s unemployment rose to 15.33% for the second quarter of 2020, according to Tuesday’s data from the National Statistics Institute amid the worsening COVID-19 situation in the country. The unemployment rate surged past the ...