S&P 500 (NYSE:SPY) component Citigroup Inc. (NYSE:C) reported net income above Wall Street’s expectations for the second quarter. Citigroup Inc. is a financial services holding company which provides corporations, governments, and consumers with a broad range of financial products and services.
Citigroup Earnings Cheat Sheet for the Second Quarter
Results: Net income for the financial services company rose to $3.34 billion ($1.09 per share) vs. $2.7 billion (90 cents per share) in the same quarter a year earlier. This marks a rise of 23.9% from the year earlier quarter.
Revenue: Revenue was $20.62 billion last quarter.
Actual vs. Wall St. Expectations: C beat the mean analyst estimate of 96 cents per share. It beat the average revenue estimate of $19.94 billion.
Quoting Management: Vikram Pandit, Citi’s Chief Executive Officer, said, “Citi achieved another solid quarter of operating performance as we continue to execute our strategy. We produced growth in both loans and deposits in Citicorp, reduced assets in Citi Holdings, continued to invest in our core businesses, and improved our financial strength. Although the near-term macroeconomic outlook is uneven, Citi is consistently profitable and we remain focused on producing responsible growth by serving our clients.”
The company has now beaten estimates the last two quarters. In the first quarter, it topped expectations with net income of $1 versus a mean estimate of net income of 90 cents per share.
Competitors to Watch: Bank of America Corp. (NYSE:BAC), JPMorgan Chase & Co. (NYSE:JPM), Wells Fargo & Company (NYSE:WFC), Morgan Stanley (NYSE:MS), Barclays PLC (NYSE:BCS), Goldman Sachs Group, Inc. (NYSE:GS), U.S. Bancorp (NYSE:USB), UBS AG (NYSE:UBS), Deutsche Bank AG (NYSE:DB), and Royal Bank of Scotland Group plc (NYSE:RBS).
(Source: Xignite Financials)