Citigroup and Wells Fargo became the latest of the US big six banks to report quarterly figures. Wells Fargo, the world's most valuable bank, said second-quarter profit fell 2.8 per cent as more energy loans soured, expenses rose and revenue from mortgage lending declined. Net income slid to $5.6 billion, or $1.01 a share, from $5.72 billion, or $1.03, a year earlier, the company said yesterday in a statement, matching analyst estimates.

Citigroup’s second-quarter profit fell 17 per cent on lower revenue from consumer banking, but beat analysts’ estimates as fixed-income trading rebounded and the firm set aside less money for soured loans.

Net income dropped to $4 billion, or $1.24 a share, from $4.85 billion, or $1.51, a year earlier, the company said yesterday. – (Bloomberg)