Citigroup Inc. announced on Friday that its revenue for the second quarter grew 11% on an annual basis to $19.6 billion. Net income came to $4.5 billion, dropping 27%, while earnings per share (EPS) declined 23% year-on-year to $2.19.
The bank explained that its decrease in income was driven by the higher cost of credit and the higher expenses but partially offset by the increase in revenues. In turn, the rise in revenues was explained by "increased rates, client activity in Markets and continued momentum in the US cards businesses, partially offset by a slowdown in Investment Banking activity as well as investment fee headwinds in Global Wealth Management."
Citi's shares added 2.51% after the earnings report.
