Banking giant Citigroup Inc. [NYSE: C] reported a sharp fall in first-quarter earnings, despite a modest increase in revenues. The results topped the Street view and the company’s stock gained early Tuesday.
Net income dropped to $1.3 billion or $0.50 per share from $4.8 billion or $1.95 per share in the second quarter of 2019 but exceeded the market’s prediction.
At $19.8 billion, revenues were up 5% year-over-year, mainly due to higher revenues in Fixed Income Markets and Investment Banking that was partially offset by lower revenues in Global Consumer Banking. Analysts were looking for a smaller top-line number.
Citi’s stock gained during the premarket session on Tuesday, after closing the previous session lower.
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