Citigroup shares slip despite Q2 results beat
By Alexander Bueso
Date: Friday 14 Jul 2023
(Sharecast News) - Citigroup's quarterly results beat analysts' estimates, although poor showings in its markets and investment banking units.
For the quarter that ended on 30 June the lender posted a 36% drop in net income for earnings per share of $1.33, leaving it 3 cents ahead of the consensus.
"Amid a challenging macroeconomic backdrop, we continued to see the benefits of our diversified business model and strong balance sheet," Citi chief executive officer, Jane Fraser, said.
Revenues of $19.44bn also beat the consensus, which was for $19.29bn, but dipped by 1% in comparison to the year earlier period.
As of 1833 BST, shares of Citi had slipped 3.26% to $46.13.
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