NEW YORK: Citigroup says it made $2.9 billion in the April-to-June period, helped by lowering the amount it keeps aside for loan losses because more of its customers paid back loans on time.
The bank says it earned 95 cents per share, exceeding the 89 cents expected by analysts surveyed by data provider FactSet.
The income included a $984 million decrease in the bank’s loan loss reserves and an accounting gain of $219 million because the value of its debt decreased.
Revenue was $18.6 billion, down 2 percent from the year-ago quarter. Analysts expected $18.8 billion.
Citigroup made $2.9 billion in Q2, beats Street
Citigroup made $2.9 billion in Q2, beats Street
