Citigroup posts better-than-expected earnings and revenue

Citigroup connected Friday reported second-quarter net and gross that topped expectations.

Despite the beat, Citi's gross fell 1% from a twelvemonth agone arsenic the diminution successful markets and concern banking businesses weighed connected its results. Citi said the uncertain macroenvironment and debased volatility impacted lawsuit enactment and marketplace performance.

"Amid a challenging macroeconomic backdrop, we continued to spot the benefits of our diversified concern exemplary and beardown equilibrium sheet," CEO Jane Fraser said successful a statement.

Here's however the New York-based lender fared successful the 4th compared with what analysts polled by Refinitiv expected from the banking giant.

Citigroup's nett income fell 36% to $2.9 billion, oregon $1.33 per share, from $4.5 billion, oregon $2.19 per share, past year, pressured by higher expenses, precocious outgo of recognition and little revenue.

"Markets revenues were down from a beardown 2nd 4th past year, arsenic clients stood connected the sidelines starting successful April portion the U.S. indebtedness bounds played out," Fraser said. "In Banking, the long-awaited rebound successful Investment Banking has yet to materialize, making for a disappointing quarter."

On the agleam side, gross from idiosyncratic banking and wealthiness absorption accrued 6% successful the 4th to $6.4 cardinal driven by beardown indebtedness growth.

Citi returned a full $2 cardinal to shareholders done communal dividends and stock buybacks successful the 2nd quarter.

Shares of Citigroup climbed traded adjacent the flatline Friday. The banal is up astir 6% twelvemonth to date, outperforming the SPDR S&P Bank ETF (KBE), which is down 14.8%.

Read the net merchandise here.

Correction: Citigroup's nett income fell 36% twelvemonth implicit year. A erstwhile mentation misstated the percentage.