(Tiper Stock Exchange) – citigroup has registered a Net income for the second quarter 2023 of $2.9 billion, or $1.33 per share, up revenues of 19.4 billion dollars. This compares with net income of $4.5 billion (-36%), or $2.19 per share (-39%), on revenues of $19.6 billion for Q2 2022. The analysts they expected average earnings per share of $1.30 on revenues of $19.3 billion, according to Refinitiv data.
Profit fell due to higher expenses (operating expenses up 9% to $13.6 billion),high cost of credit (passed to 1.8 billion dollars from 1.3 billion) and lower revenues, according to a note.
Division revenue markets decreased 13% to $4.6 billion due to smaller assets in fixed income and equities, while Investment Banking they dropped 24% to $612 million.
“Against a challenging macroeconomic environment, we continued to see i benefits of our diversified business model and strong balance sheet,” said CEO Jane Fraser.