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Jul 13, 2018

Citigroup earnings Q2 2018 I CNBC News.

cnbc.com

Citigroup earnings Q2 2018

Fred Imbert


A Citibank branch in Hong Kong. Vincent Isore | IP3 | Getty Images
A Citibank branch in Hong Kong.
Citigroup reported on Friday second-quarter earnings that beat expectations, while revenue for the period came in slightly below estimates.
Here is what Wall Street is expecting from the global banking giant:
  • Earnings: $1.63 per share vs $1.56 forecast by Thomson Reuters
  • Revenue: $18.469 billion vs $18.512 billion expected by Reuters
The company said its earnings per share grew by 27 percent on a year-over-year basis as net income rose 16 percent to $4.49 billion and as its shares outstanding decreased by 8 percent. Revenue grew by 2 percent, as lower revenue in corporate offset growth in institutional clients group and global consumer banking segments, Citigroup said.
Shares of Citigroup were down more than 8 percent for the year heading into Friday’s report, lagging peers such as Bank of America and J.P. Morgan Chase. Bank of America and J.P. Morgan were down more than 2 percent and 0.8 percent, respectively.
Citigroup announced in late June that it would hike its quarterly dividend by 13 cents to 45 cents a share, and buy back $17.6 billion in stock over the next 12 months after passing the Federal Reserve’s annual stress test.
The bank reported better-than-expected earnings and revenue for the first quarter in April. Its results from that time period got a boost from lower corporate taxes and strong trading revenue.
Earlier Friday, J.P. Morgan kicked off earnings season when it reported its second-quarter results.