Citigroup 2Q results top expectations on consumer lending boost

By EarningsFOXBusiness

Dick Bove on bank earnings

Rafferty Capital Markets chief financial strategist Dick Bove discusses bank earnings.

Citigroup kicked off earnings season for the big banks with results that blew away expectations.

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Citigroup reported 2Q profit of $1.95 per share.  On an adjusted basis, EPS came in at $1.83, topping the estimate for $1.80. Revenue increased 2 percent to $18.8 billion. The estimate was for $18.49 billion.

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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.

TickerSecurityLastChange%Chg
CCITIGROUP INC.64.02-0.29-0.45%

"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."

Total loans by assets rose 3 percent to $689 billion, while deposits increased 5 percent to $1.05 trillion, excluding foreign exchange fluctuations.

Trading revenue grew 4 percent to $4.11 billion. The bank had forecast a single-digit decline in fixed-income and equities trading.

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.

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JPMorgan Chase, Bank of America, and Goldman Sachs will report results this week.