Citigroup tops Street 2Q forecasts

By IndustriesAssociated Press

NEW YORK (AP) _ Citigroup Inc. (C) on Friday reported second-quarter earnings of $3.87 billion.

The New York-based bank said it had earnings of $1.28 per share. Earnings, adjusted to account for discontinued operations, came to $1.27 per share.

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The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.21 per share.

The U.S. bank posted revenue of $21.96 billion in the period. Its adjusted revenue was $17.9 billion, also topping Street forecasts. Three analysts surveyed by Zacks expected $17.32 billion.

Citigroup shares have risen 13 percent since the beginning of the year, while the Standard & Poor's 500 index has increased slightly more than 9 percent. The stock has risen 55 percent in the last 12 months.

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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on C at https://www.zacks.com/ap/C

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Keywords: Citigroup, Earnings Report, Priority Earnings