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Citigroup Q2 revenue and profit drop less than forecast

Citigroup Inc reported forecast-beating second quarter earnings on Friday, sending its pre-market share price up by 0.6% to $44.71 ahead of the Wall Street opening

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Profits down but earnings beat forecasts in Q2

Citigroup Inc (NYSE:C) reported forecast-beating second quarter earnings on Friday, sending its pre-market share price up by 0.6% to $44.71 ahead of the Wall Street opening.

Citigroup unveiled another drop in year-on-year revenues and profits, as it has continued to restructure post credit crisis in the wake of growing regulation and market volatility, and as the low-interest rate environment bit.

But the one-time biggest US bank joined rival JPMorgan Chase (NYSE:JPM) in beating market expectations for the second quarter, helping ease concerns about the impact of the UK’s vote for Brexit on the US banking sector.

Citi generated total revenues of $17.5bn between April and June, about the same as the difficult first quarter and 8% lower than the same period a year ago. Net income was $4bn, up 14% from the first quarter but down by 14% year-on-year.

Meanwhile, JP Morgan shares were up 0.27% at $64.29 before the opening bell.

Quick facts: Citigroup Inc.

Price: 43.95 USD

NYSE:C
Market: NYSE
Market Cap: $91.5 billion
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