Citi has posted second quarter net income of $4.0bn billion, on revenues of $17.5bn billion. This compared to net income of $4.8bn on revenues of $19.5bn billion for the second quarter 2015.

Despite the falls in profits and revenues, the figures beat analyst forecasts.

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North America Global Consumer Banking (GCB) revenues of $4.8bn billion decreased 3%, with lower revenues in Citi-branded cards, Citi retail services and retail banking.

North America GCB net income fell by 22% to  $843m driven by a decrease in revenues, higher operating expenses and a higher cost of credit. Operating expenses increased 5% to $2.4bn.

Citigroup CEO Michael Corbat said: "These results demonstrate our ability to generate solid earnings in a challenging and volatile environment, again highlighting the resilience of our institution. Nearly all of our net income came from our core businesses and we continued to reduce non-core assets in Citi Holdings.

“We significantly improved our efficiency ratio, return on assets and return on tangible common equity from the first quarter. We also grew loans in both our consumer and institutional businesses, reduced expenses, and utilised additional deferred tax assets, bringing the total utilised to $10 billion over the last four years."

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Citi’s US retail branch network reduced by 6.4% or net 50 units from in the year ago quarter to 729 branches.

Citi’s Asia consumer banking branch network fell by 12.8% or 68 units from 529 to 461; its LatAm network remains steady at 1,491 branches.