Driven by a decline in operating expenses, Wall Street banking giant Citigroup Inc. C delivered a positive earnings surprise of nearly 15% in second-quarter 2016. The company’s earnings from continuing operations per share of $1.25 for the quarter outpaced the Zacks Consensus Estimate of $1.09. However, earnings compared unfavorably with the year-ago figure of $1.51 per share.
Income from continuing operations was $4.05 billion, down 17% from the prior-year quarter.
Though profitability was hit by decline in overall revenues, the company recorded higher fixed income markets revenues, driven by an improved trading environment and increase in corporate client activity in rates and currencies in the reported quarter. Further, Citigroup’s costs of credit for the second quarter were down 15% year over year to $1.41 billion mainly due to a decline in net credit losses.
Citigroup Inc. (C) EPS BNRI & Surprise Percent – Last 5 Quarters | FindTheCompany
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