Citi leads a rally in bank stocks after beating Wall Street earnings estimates
- Citigroup reported second-quarter financial results on Monday before the opening bell.
- Both revenue and earnings per shares outperformed Wall Street expectations.
- Equities trading revenue fell below expectations while fixed-income revenues surpassed estimates.
- Watch Citigroup trade live.
Citigroup kicked off earnings seasons this morning when it reported better than expected earnings per share and total revenue. Shares rose nearly 1% in early trading, and lifted other bank shares.
Here are Citi's second quarter results compared to what analysts expected:
- Revenue: $18.8 billion versus $18.52 expected
- Earnings per share: $1.83 versus $1.80 expected
- Net income: $4.8 billion versus $4.14 billion expected
- FICC trading revenue: $3.32 billion vs. $2.99 billion expected by analysts surveyed by Bloomberg
- Equities trading revenue: $790 million versus $824 million expected by analysts surveyed by Bloomberg
Investors and analysts were keeping a close watch on how well the bank was able control its expenses.
"We navigated an uncertain environment successfully by executing our strategy, and by showing disciplined expense, credit and risk management." Michael Corbat, the chief executive officer of Citigroup said in a press release.
Citi is the first major bank to report earnings this week. JPMorgan, Goldman Sachs, and Wells Fargo all expected to report this week as well.
Shares of Citi are up as much 30% since the beginning of the year.
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