Citigroup Inc. (NYSE:C) recorded its second quarter earnings results on Tuesday 14th July 2020 before market open.
The financial products and services provider, reported $ 0.50 income per share for the quarter, beat the consensus estimate of $ 0.28 income per share by $ 0.22 or 78.57 percent.
The quarterly earnings dipped 74.36 percent compared with the same quarter last year.
The firm had revenue of $ 19,766.00 million for the quarter, compared to the consensus estimate of $ 19112.60 million. The revenues topped analysts estimates by $ 653.40 million or 3.42 percent.
The financial report showed revenues raised 5.37 percent versus second quarter of last year.
Analysts estimates are from Thompson Reuters, exclude one time gain or loss
Michael Corbat, Citi CEO, said, While credit costs weighed down our net income, our overall business performance was strong during the quarter, and we have been able to navigate the COVID-19 pandemic reasonably well. The Institutional Clients Group had an exceptional quarter, marked by an increase in Fixed Income of 68%. Global Consumer Banking revenues were down as spending slowed significantly due to the pandemic.
