Citi reports Q2 operating expense $10.7B
Citigroup's operating expenses of $10.7 billion in the second quarter 2018 were largely unchanged, as higher volume-related expenses and investments were offset by efficiency savings and the wind-down of legacy assets. Citigroup's end of period loans were $671 billion as of quarter end, up 4% from the prior-year period. Excluding the impact of foreign exchange translation, Citigroup's end of period loans grew 5%, as 6% aggregate growth in ICG and GCB was partially offset by the continued wind-down of legacy assets in Corporate / Other. Citigroup's end of period deposits were $997 billion as of quarter end, an increase of 4% from the prior-year period on both a reported and a constant dollar basis. The increase in constant dollars was driven by 9% growth in ICG, as GCB remained largely unchanged. Citigroup's allowance for loan losses was $12.1 billion at quarter end, or 1.81% of total loans, compared to $12.0 billion, or 1.88% of total loans, at the end of the prior-year period. Total non-accrual assets declined 20% from the prior-year period to $4.1 billion. Consumer non-accrual loans declined 16% to $2.4 billion and corporate non-accrual loans decreased 23% to $1.6 billion.