Citigroup reported a big jump in second-quarter earnings Thursday on much lower legal costs and slightly higher revenues.
Earnings for the quarter ending June 30 were for $4.8 billion, up from just $181 million in the year-ago period. The 2014 quarter was marred by a $3.7 billion legal charge to settle mortgage securities litigation.
Adjusted earnings translated into $1.51 per share, better than the $1.34 projected by Wall Street analysts.
Revenues rose 0.2 percent to $19.47 billion.
Citigroup suffered a modest drop in its bond trading division and slightly lower investment banking revenues due to lower corporate advising on mergers and other transactions. Those declines were partially offset by higher debt underwriting revenues.
In its global consumer banking division, revenues fell 4.4 percent to $8.5 billion, with higher North American revenues and lower international sales.
Results in this business were boosted by a 10 percent drop in operating expenses to $4.6 billion following efficiency moves.
"Our results for the quarter show very balanced performance across our business lines," said Citigroup chief executive Michael Corbat in a statement.
"We grew loans and deposits in constant dollars in Global Consumer Banking, while also gaining wallet share among target clients in our Institutional Clients Group."
Citigroup shares rose 2.5 percent ot $57.85 in pre-market trade.
GMT 09:47 2018 Tuesday ,23 January
SAP unveils big push into French tech start-upsGMT 05:07 2018 Tuesday ,23 January
Noble Group shares surge 37 percent on buyout talksGMT 19:07 2018 Monday ,22 January
BAKS spent Dh225m on charity projects in 2017GMT 22:52 2018 Sunday ,21 January
French firm "recalls baby milk product"GMT 22:27 2018 Sunday ,21 January
US company plans funds that double bitcoin price movesGMT 21:23 2018 Sunday ,21 January
Pence starts Mideast tour in Egypt amid Arab angerGMT 08:54 2018 Saturday ,20 January
Million-euro bill for firm behind Paris bike-share chaosGMT 10:47 2018 Friday ,19 January
German chemical giant BASF sees 'significant' profit leapMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor