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.