Citigroup Inc reported a 14 per cent fall in quarterly profit, much smaller than the 25 per cent drop Chief Executive Michael Corbat had warned of early in June.

The bank, which gets more than half its revenue from outside the United States, said on Friday its adjusted net income declined to US$4.0 billion in the second quarter ended June 30 from US$4.65 billion a year earlier.

Earnings per share slid to US$1.24 from US$1.45.

Following Corbat's lead, analysts on average had estimated earnings of US$1.10 per share, according to Thomson Reuters. It was not immediately clear if the reported figures were comparable.

Citigroup, like its rivals, saw a spike in trading volumes after Britain voted on June 23 to exit the European Union.

JPMorgan Chase & Co reported stronger-than-expected trading results on Thursday due in part to high foreign exchange volumes triggered by the vote.