Profits dip to €686m at Irish arm of Citbank
Pre-tax profits at the main Irish arm of Citibank fell by 8pc to $757.68m (€686.5m) last year.
New accounts filed by the Dublin-based Citibank Europe plc show that the bank sustained the drop in profits after its operating income reduced by less than 1pc from $1.732bn to $1.689bn in the 12 months to the end of December last. The chief executive of the firm is Irish banker Aidan Brady and according to the directors' report, "the business environment in which the company operates remained challenging in 2014".
Seven of the bank's board members are Irish and the directors' report states: "The company had another very profitable performance in 2014 reporting profit after tax of $643m." The directors say they are continuing to assess new opportunities for optimal use of the company's capital base. Citibank Europe occupies an office block by the River Liffey where just under 4,000 are employed. Shareholder funds totalled $7.6bn.