Shares rallied 3.8% to $45.80 in premarket trading.
Here are the key numbers:
- Quarterly revenue: $19.64 billion vs. $18.48 billion predicted by Bloomberg analysts
- Diluted
earnings per share: $2.19 vs. $1.70 analyst consensus - Net income: $4.5 billion, down 27% from a year ago
Earnings per share declined 23% from a year ago as the higher cost of credit and expenses weighed on net income, but revenue was up 11%.
Equity trading revenue grew 8% to $1.2 billion, and fixed income trading revenue jumped 31% to $4.1 billion. But investment banking revenue sank 46% to $805 million.
The US consumer banking unit saw revenue climb 9% to $4.1 billion, while global wealth management revenue was flat at $1.9 billion.
"Trading volatility continued to create strong corporate client activity for us, driving revenue growth of 25% in
Citigroup's report contrasts with a gloomy initial round of earnings for other top US
Also Friday, Wells Fargo reported weak quarterly results as provisions for loan losses ramped up.
On Thursday, JPMorgan Chase missed second-quarter forecasts, and CEO Jamie Dimon $4. Also on Thursday, $4, led by weakness in investment banking.
Bank of America and Goldman Sachs are due to report on Monday.