Categories AlphaGraphs, Earnings, Finance

Earnings: Citigroup (C) Q2 profit beats estimates; revenue up 11%

Banking giant Citigroup Inc. (NYSE: C) on Friday said its second-quarter profit decreased despite a double-digit increase in revenues. However, the numbers topped the market’s projections.

Second-quarter net profit declined to $4.5 billion or $2.19 per share from $6.2 billion or $2.85 per share last year but came in above the consensus forecast.

Meanwhile, total revenues moved up 11% annually to $19.6 billion and topped expectations, reflecting active customer engagement amid increased consumer and corporate confidence. At $92.95, book value per share was up 2% year-over-year.

Read management/analysts’ comments on Citigroup’s Q2 earnings

Shares of Citigroup made strong gains early Friday immediately after the announcement. The stock has dropped about 34% in the past twelve months.

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Bank of America (BAC) Stock

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Citigroup (C) Stock

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