Group net profits were broadly unchanged from a year earlier at $3.9bn on revenues of $17.9bn, slightly higher than the previous year.
Earnings per share wamere $1.28, Citigroup said in a statement, higher than the $1.21 predicted by analysts at brokerage firm Keefe, Bruyette & Woods.
Citigroup's (C) second-quarter trading revenue declined less than CFO John Gerspach forecast a month ago, helping the US bank post profit above analysts' expectations. Analysts had expected $1.21 a share. The FactSet consensus was for EPS of $1.21 and revenue of $17.4 billion. Like its competitors, it also saw a drop in trading revenue caused by quieter markets. The bank said its consumer banking business grew revenue by 5% to $4.9 billion as higher revenue from its card business offset lower revenue in retail banking, driven by lower mortgage revenue. Citigroup is particularly active in trading around currencies and interest rates, which has dropped off with investors expecting a slow but steady series of rate increases by the Federal Reserve. Revenue came to $17.9 billion, up from $17.5 billion. Citigroup has been expanding its credit card business, similar to its rivals.
Loans at the end of the period were up about 2 percent from a year earlier, as well from the end of March, indicating a new momentum for lending.
Citi's global consumer banking division earned $1.13 billion, down 12 percent from a year earlier.
Quarterly expenses rose 1% to $10.506 billion from $10.369 billion a year earlier.
Citi, JPMorgan, and Wells Fargo are kicking off the earnings cycle for United States banks, which are riding high after almost every firm passed Federal Reserve's annual stress tests with flying colors.