Citigroup Tops Expectations for Profit and Revenue on Strong Wall Street Results

Tiger Newspress07-12

Citigroup reported second-quarter earnings before the opening bell Friday.

U.S.-listed shares of the company rose 3% in premarket trading.

Here’s what the company reported compared with what Wall Street analysts surveyed by LSEG were expecting:

Earnings: $1.52 a share, vs. $1.39 a share expected
Revenue: $20.13 billion, vs. $20.07 billion expected

Citigroup was just this week rebuked for failing to address its regulatory shortfalls, so analysts will be keen to ask CEO Jane Fraser about her long-running efforts to address the issue.

Last year, Fraser announced plans to simplify the management structure and reduce costs at the third-biggest U.S. bank by assets. But earnings will take a backseat if the bank cannot appease regulators’ concerns about its data and risk management.

JPMorgan Chase reported results earlier Friday, while Goldman Sachs, Bank of America and Morgan Stanley report next week.

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