by Christopher Freeburn | July 16, 2012 9:41 am
Citigroup (NYSE:C) reported second-quarter earnings of $2.9 billion, down 12% from the same period last year.
Revenue for the second quarter was $18.64 billion, down from $20.62 billion in 2011.
Adjusted EPS came in at $1, down from $1.09 last year, but easily topping the 89 cents expected by Wall Street, CNBC noted.
Investors liked the results. Shares of Citigroup rose about 3% in pre-market trading on Monday.
Citigroup’s profits for the quarter were somewhat dented by a $424 million loss from the sale of its stake in Turkish bank, Akbank. Revenue from its investment banking unit also fell 21% to $854 million as the European debt crisis scared investors away from the continent.
But the bank’s earnings included a reduction of $984 million in financial reserves set aside to cover bad loans, spurred by a increase in on-time loan repayments by customers.
Last week JPMorgan Chase (NYSE:JPM) shook off credit derivatives trading losses to beat analysts’ earnings estimates. Wells Fargo (NYSE:WFC) also posted solid quarterly profits and revenues.
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