This bank feels fine about the Brexit vote so far

Hayley Kirton
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Citigroup has "not experienced any significant negative impact" (Source: Getty)

While June's Brexit vote gave most of the banking sector a beating, one industry giant has revealed its business is doing fine, for the time being at least.

Citigroup has revealed it is yet to feel its business be seriously shaken by June's Brexit decision.

A regulatory filing published today noted Citigroup had "not experienced any significant negative impact to its results of operations or client or counterparty activity or exposures as a result of the UK referendum", before noting it would continue to keep an eye on issues arising from the vote.

The bank added, while the UK's decision to divorce itself from the EU furthered the uncertainty felt in the second quarter of the year, that uncertainty had helped to boost capital market activity in the run-up to and shortly after the 23 June.

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The bank released its results for its second quarter last month. Although it announced total revenues and adjusted net income had fallen by eight per cent and 14 per cent respectively, some areas of its business, such as markets and securities services in its institutional clients group, performed strongly, partly thanks to the referendum.

However, Citigroup acknowledged it was not completely in the clear. The bank's statement highlighted that it expected "the operating environment to continue to be challenging" while the Brexit vote had created "significant uncertainties" in addition to those which already existed in the sector.

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In particular, the filing noted uncertainties surrounding whether Citi would need to make changes to its legal structure as a result of the Brexit deal, how the UK leaving the EU would affect the latter economically and what effect the vote would have on foreign exchange rates were something the bank would have to monitor closely.

At time of writing, shares in Citi are trading down 1.1 per cent at $43.31.

Although the 24 June announcement caused shares across the banking sector to plunge, Citigroup's shares have all but recovered to the $44.46 they closed at on 23 June.

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