Q2 results exceeded market forecasts, both in terms of revenue and profit of Citigroup.

According to CNBC, the American bank Citigroup announced:

  • Earnings: At $1.52 per share, with analysts expecting $1.39.
  • Revenue: At $20.14 billion, up 4%, compared with the $20.07 billion analysts were expecting

The bank announced that net profit recorded an increase of more than 10%compared to the corresponding period last year, at $3.22 billion, which corresponds to $1.52 per share.

Equity trading revenue rose 37% to $1.5 billion, about $300 million higher than market forecasts.

Fixed income revenue fell 3% to $3.6 billion, in line with estimates, with investment banking revenue rising 60% to $853 million.

Down 1.5% to $64.70. the stock reacts in the second quarter results.

“The results reflect the progress we have made in executing our strategy, but also the benefits arising from the diversified business model we have implemented,” said Citigroup CEO Jane Fraser. “Markets had a strong end to the quarter, outperforming our expectations”.

It is recalled that last year Fraser had announced a plan based on which the administrative structure of the bank would be simplified, while at the same time costs would be reduced for the third largest, based on assets, US bank.