Citigroup Posts Better-than-expected Earnings and Revenue

Tiger Newspress2023-07-14

Citigroup reported second-quarter earnings and revenue that topped expectations.

Here’s how the company fared in the quarter compared to what analysts polled by Refinitiv expected from the banking giant.

  • Earnings per share: $1.33 vs. $1.30

  • Revenue: $19.44 billion vs. $19.29 billion

“Amid a challenging macroeconomic backdrop, we continued to see the benefits of our diversified business model and strong balance sheet,” CEO Jane Fraser said in a statement.

While beating Street estimates, Citi’s revenue dipped 1% from a year ago as the decline in markets and investment banking businesses weighed on the result.

Citigroup’s net income fell 6% to $2.9 billion from the same quarter last year, pressured by higher expenses, high cost of credit and lower revenue.

“Markets revenues were down from a strong second quarter last year, as clients stood on the sidelines starting in April while the U.S. debt limit played out,” Fraser said. “In Banking, the long-awaited rebound in Investment Banking has yet to materialize, making for a disappointing quarter.”

Shares rose over 1% in premarket trading.

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Comments

  • Cory2
    2023-07-16
    Cory2
    I hold $Citigroup(C)$ and must admit that I've been a little worried with the lack of profit there, however with their expansion into global markets, and being one of the largest diversified banks, I am glad to be reading this. Hopefully the news pushes stock prices 👆👆
  • am56
    2023-07-14
    am56
    Y drop siah
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