Citigroup beats earnings estimates

RTR397BBREUTERS/Brendan McDermidThe Wall Street earnings parade continued Thursday morning when Citigroup announced its second quarter results.

Citigroup’s second quarter earnings topped estimates, the bank reported Thursday morning. The bank reported $US1.45 a share in adjusted earnings.

The bank’s shares rose by 2% in pre-market trading.

The bank also beat revenue estimates at $US19.5 billion.

“Our results for the quarter show very balanced performance across our business lines,” said Michael Corbat, CEO of Citigroup. “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.”

Analysts expectations were for earnings of about $US1.35 a share on revenue of more than $US19 billion. This time a year ago, Citi posted $US1.24 a share (excluding accounting adjustments and legal expenses) in earnings.

It’s been a big week for banks reporting earnings already. Bank of America earnings Wednesday were stronger than expected. On Tuesday both Wells Fargo and JPMorgan beat estimates, boosting shares.

The market had high expectations for Citi and the stock was up more than 3% this week before Thursday’s earnings announcement.

Consumer banks have gotten a boost from increased credit card lending and auto sales financing in the second quarter. This is in part thanks to low rates from the Federal Reserve.

Thursday’s reports conclude the bank earnings announcements for this week, but in coming weeks foreign banks will report their results.

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