Pre-tax profits decrease 8% at Citibank’s Irish hub

Pre-tax profits at the main Irish arm of Citibank last year declined by 8% to $757.68m (€686.5m).

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 1% 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”.