Citigroup starts Wall Street earnings season
America’s third largest bank kicked off Wall Street's earnings season on Monday by trumping market expectations.
The bank reports a rise in profits and revenues during the second quarter of 2019
Stocks impacted: Citigroup, Inc. (C)
Thanks to higher revenue and lower taxes and expenses, Citi posted a profit of $4.79bn (up 7% from the year before), or $1.95 per share, during the three-month period, rising 20 per cent. The bank benefited from strength among consumers that helped offset weakness elsewhere, especially in capital markets. The bank's net income was lifted by a gain on its investment in Tradeweb (TW), an electronic trading platform that went public in April. Citigroup’s share price has climbed 38 per cent over the year, outperforming many of its rivals in the sector. Later this week, Citi rivals JPMorgan Chase, Wells Fargo and Bank of America are scheduled to post quarterly results.
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