Citigroup 2Q earnings rise as revenue increases
NEW YORK (AP) —
Citigroup Inc. says second-quarter net income rose to $4.49 billion from $3.87 billion a year ago.
The New York-based bank said it had earnings of $1.63 per share. Earnings, adjusted to account for discontinued operations, came to $1.62 per share.
The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.54 per share.
The U.S. bank posted revenue of $24.35 billion in the period. Its revenue net of interest income was $18.47 billion, also topping Street forecasts. Three analysts surveyed by Zacks expected $18.43 billion.
Citigroup shares have declined roughly 8 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased nearly 5 percent. The stock has risen slightly more than 2 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on C at https://www.zacks.com/ap/C