Citigroup shares slip despite Q2 results beat

Citigroup's quarterly results beat analysts' estimates, although poor showings in its markets and investment banking units.

For the quarter that ended on 30 June the lender posted a 36% drop in net income for earnings per share of $1.33, leaving it 3 cents ahead of the consensus.

"Amid a challenging macroeconomic backdrop, we continued to see the benefits of our diversified business model and strong balance sheet," Citi chief executive officer, Jane Fraser, said.

Revenues of $19.44bn also beat the consensus, which was for $19.29bn, but dipped by 1% in comparison to the year earlier period.

As of 1833 BST, shares of Citi had slipped 3.26% to $46.13.