Citigroup Inc. (NYSE: C) on Friday reported lower earnings and revenues for the second quarter of 2023. The results, however, exceeded analysts’ forecasts.
The banking behemoth reported a net income of $2.9 billion or $1.33 per share for the June quarter, compared to $4.5 billion or $2.19 per share in the corresponding period of last year. The latest number came in above Wall Street’s projection. Total revenues decreased 1% annually to $19.40 billion but exceeded estimates.
“Amid a challenging macroeconomic backdrop, we continued to see the benefits of our diversified business model and strong balance sheet,” said Citi’s CEO Jane Fraser.
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