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Citigroup (NYSE: C) on Friday, reported a 27% decline in second quarter profit as banks struggle to position themselves amid rising interest rates.
Citigroup’s profit fell to $4.55 billion, or $2.19 per share, but beat the $1.68 per share expected by analysts.
Revenue rose a bigger-than-expected 11% in the quarter to $19.64 billion, more than $1 billion over estimates, as the bank reaped more interest income and saw strong results in its trading division and institutional services business.
Net interest income jumped 14% to $11.96 billion, beating the $11.21 billion market estimate.
So far, Citigroup is the only bank to beat analysts’ expectations. Shares jumped $5.84, or 13%. to $49.98 on Friday.
Citigroup disclosed that it is also pausing share repurchases. Citigroup will restart buybacks “as soon as it is prudent” to do so, CEO Jane Fraser told analysts.
Source - Citigroup
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