Citigroup shares slip despite Q2 results beat

citi dl canary wharf london uk banks finance wall street city — Citi HQ at Canary Wharf, London U.K.Courtesy of Citi

Citigroup Inc.

$62.35

11:10 04/11/24

-2.13%

-$1.36

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.