Citigroup kicked off earnings season for the big banks with results that blew away expectations.
Continue Reading Below
Citigroup reported 2Q profit of $1.95 per share topping the estimate for $1.80. On an adjusted basis, EPS came in at $1.83. Revenue increased 2 percent to $18.8 billion. The estimate was for $18.49 billion.
Quarterly profit was $4.8 billion, up from $4.5 billion a year ago. At that time the bank reported earnings of $1.63 per share on revenue of $18.47 billion.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| C | CITIGROUP INC. | 71.77 | +0.16 | +0.22% |
“We navigated an uncertain environment successfully by executing our strategy, and by showing disciplined expense, credit and risk management,” said Citi CEO Michael Corbat. “We delivered positive operating leverage for the 11th straight quarter and improved our efficiency, while again increasing loans and deposits.”
Trading revenue grew 4 percent to $4.11 billion. The bank had forecast a single-digit decline in fixed-income and equities trading.
Advertisement
In the first-quarter of this year, Citigroup earned $1.87 per share on revenue of $18.57 billion.
Citigroup shares have gained 38 percent in 2019.
JPMorgan Chase, Bank of America, and Goldman Sachs will report results this week.
THIS IS A DEVELOPING STORY, CHECK BACK FOR UPDATES.
