Citigroup profit beats estimates on consumer credit gains By Reuters

(Reuters) – Citigroup Inc. (N 🙂 surpassed analysts' estimates of Monday's quarterly profit, as tight cost control and strong consumer lending helped the third-largest US bank to thwart its trading activities.

New York-based Citi is the first major bank to release its second quarter results. Wall Street Titans, JPMorgan Chase & Co (N :), Bank of America Corp. (N 🙂 and Goldman Sachs Group Inc (N 🙂 must report later in the week.

Citi continued to increase lending and deposits in the last quarter, dispelling concerns that a darker economic outlook was compromising consumer lending.

Total lending by the third largest bank in the United States in terms of assets rose 3% to $ 689 billion, while deposits increased 5% to $ 1.05 trillion, excluding currency effects.

Trading revenues remained contested. Fixed income securities trading fell 4%, excluding a gain related to Citi's interest in Tradeweb, and 9% in its equity business. Leaders of major US banks had warned that trading revenue would be affected by a decline in customer activity due to growing trade tensions and uncertainties surrounding Britain's plan to exit the UK. European Union.

"We have managed to navigate an uncertain environment by implementing our strategy and disciplined spending, credit and risk management," said Chief Executive Michael Corbat. communicated.

Net income reached $ 4.80 billion, or $ 1.95 per share, in the second quarter, compared to $ 4.50 billion, or $ 1.63 per share, a year earlier. The quarter included a one-time gain of 12 cents per share related to the investment in TradeWeb's electronic trading company (O :).

Revenues rose 2% to $ 18.76 billion, while spending decreased 2%.

Analysts forecast earnings per share of $ 1.80 and a turnover of $ 18.50 billion, according to Refinitiv's IBES data.