Citigroup Tops Profit And Revenue Estimates

Citigroup Inc. said Friday it had net income of $3.9 billion, or $1.28 a share, in the second quarter, down from $4.0 billion, or $1.24 a share, in the year-earlier period. Revenue came to $17.9 billion, up from $17.5 billion. The FactSet consensus was for EPS of $1.21 and revenue of $17.4 billion. "During the quarter, we saw continued momentum in our businesses, with loan and revenue growth across both sides of the house," Chief Executive Michael Corbat said in a statement. The bank said its consumer banking business grew revenue by 5% to $4.9 billion as higher revenue from its card business offset lower revenue in retail banking, driven by lower mortgage revenue. Trading revenue fell 6% as fixed income fell 6%, while equity trading rose 11%. Investment banking revenue rose 22%, due to strong equity underwriting and advisory and strength in debt underwriting. Shares were slightly higher premarket, but have gained 13% in 2017, while the S&P 500 has gained 9%.