Citigroup beats forecasts after strong quarter for investment banking

The silhouette of a pedestrian holding a mobile device is seen walking past a Citigroup bank branch in San Francisco

The silhouette of a pedestrian holding a mobile device is seen walking past a Citigroup bank branch in San Francisco

Citigroup's (C) second-quarter trading revenue declined less than CFO John Gerspach forecast a month ago, helping the USA bank post profit above analysts' expectations.

Citigroup's second-quarter profits fell 3 percent from a year earlier as the bank had to set aside more money to cover souring loans, especially in its credit card business.

Earnings per share wamere $1.28, Citigroup said in a statement, higher than the $1.21 predicted by analysts at brokerage firm Keefe, Bruyette & Woods. Analysts had expected $1.21 a share.

Citi's institutional clients group houses the U.S. bank's advisory, underwriting and sales and trading businesses, as well as treasury and trade solutions, corporate lending, private banking and securities services.

Along with J.P. Morgan Chase & Co., which also reported earnings Friday, Citigroup's trading has suffered amid a pullback in volatility and activity in both the stock and bond markets.

O'Reilly Automotive, Inc. (NASDAQ:ORLY) Reviewed By Analysts
On June 1, 2016 BTIG Research released its first research report on the stock with a rating of "Buy" and price target of $310.00. TRADEMARK VIOLATION NOTICE: This article was originally posted by The Cerbat Gem and is the sole property of of The Cerbat Gem.

Revenue at the consumer unit rose 5% to $8B from $7.67B a year ago, but net income from global consumer banking fell 12% to $1.12B from $1.28B.

The bank said Friday that it paid out 63% of its quarterly income in the form of dividends and share buybacks. Our institutional clients group had a very strong quarter all-around, including its best investment banking performance in seven years.

All of the other businesses in the division - bar the trading operations - posted higher revenues versus a year ago.

"The $3.9 billion of net income helped generate additional regulatory capital".

Quarterly expenses rose 1% to $10.506 billion from $10.369 billion a year earlier.

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