Citigroup posted its second quarter earnings that surpassed analysts’ expectations.
The banking behemoth's earnings for the three months ending in June came in at $2.19 per share, which is 16.7% lower from the year-ago quarter, but well above the Street expectations of $1.70 per share.
Group revenues climbed +10.6% year-over-year to $19.64 billion, also topping analysts' estimates of $18.22 billion.
The company’s revenue from investment banking segment fell -46% year-over-year, with new listings and merger deals weakening amid market volatility.
Markets revenues, however, grew +25% to $5.3 billion.
Revenues in Treasury and trade solutions increased +33%, on the back of 42% growth in net interest income, and 17% growth in non-interest revenue – reflective of solid growth with both mid and large corporate clients, as indicated in the company’s statement.
Citigroup set aside $375 million for loan loss provision, a much smaller amount compared to that of Wells Fargo and JPMorgan.
“In a challenging macro and geopolitical environment, our team delivered solid results and we are in a strong position to weather uncertain times, given our liquidity, credit quality and reserve levels," CEO Jane Fraser said. "We intend to generate significant capital for our investors, given our earnings power and the upcoming divestitures."