Citigroup Inc. (NYSE: C)reported on Friday its second-quarter revenue that fell short of analysts’ estimates, sending its shares down over 2%.
The bank said second-quarter revenue rose 2% to USD 18.5 Billion, compared to USD 18.2 Billion a year earlier. Analysts polled by Thomson Reuters projected revenue of USD 18.512 Billion.
Institutional Clients Group revenue rose 3% to USD 9.7 Billion. Banking revenue increased 6% to USD 5.2 Billion, offsetting a decline in revenue from Investment Banking. Revenue from Market and Securities Services Revenue decreased 1% to USD 4.5 Billion.
Net income for the second quarter was USD 4.5 Billion, or USD 1.63 per share, compared to USD 3.9 Billion, or USD 1.28 per share for the same period last year.
Citi CEO, Michael Corbat, said, “During the quarter, we drove strong year-over-year revenue growth in many of our businesses, including our International Consumer franchise, Treasury and Trade Solutions, Equities, and the Private Bank. And we continue to support our clients as evidenced by solid loan growth that was balanced across businesses and geographies. Our focus on expenses has given us the ability to self-fund many of our investments and resulted in an improvement in our efficiency ratio for both the second quarter and through the first half of this year.”
Citigroup shares fell 2.7% to USD 66.68 in the early trading on Friday. The stock was down 10% so far this year.