Citigroup profit beats on smaller drop in trading revenue
Citigroup Inc reported a quarterly profit that beat analysts` estimates as trading revenue held up better than the company`s forecast and loans grew.
The lender said markets revenue declined about 7 percent in the second quarter from a year earlier, smaller than the 12 percent drop Chief Financial Officer John Gerspach had projected at a conference two weeks before the end of the quarter.
Client trading surged a year earlier around UK`s Brexit vote.
The fourth-biggest U.S. bank by assets said on Friday net income fell 3.2 percent to $3.87 billion in the second quarter ended June 30.
Earnings per share was $1.28, topping analysts` average estimate of $1.21, according to Thomson Reuters I/B/E/S.
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