Citigroup reports EPS of $1.63 in Q2

Business 7/13/2018, 2:03 PM
Citigroup reports EPS of $1.63 in Q2

Citigroup Inc. reported its financial results on Friday for the second quarter of 2018, announcing that diluted earnings per share stood at $1.63, beating expectations. The figure increased from the same quarter in 2017 when diluted EPS was $1.28. The company recorded revenue of $18.5 billion, or a 2% increase compared to the same period last year. Citigroup's net income for the second quarter of 2018 was $4.5 billion, increasing 16% year on year. The net income growth was mainly due to the higher revenues and a lower effective tax rate, while the expenses remained relatively unchanged.

"During the quarter, we drove strong year-over-year revenue growth in many of our businesses," Citigroup Chief Executive Officer Michael Corbat said, adding that the company's "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 the year."

Citigroup shares declined 1.04% in the pre-market trade.

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