Citigroup beat analysts’ estimates for second-quarter profit on Friday as higher interest payments from borrowers partly countered a blow to its Wall Street businesses from a slump in trading.
The bank’s net income tumbled 36% to $2.92 billion, or $1.33 per share, in the three months to June 30. The profit was weighed down by higher costs for layoffs and increased provisions for credit losses, the bank said.
Read More : Citigroup’s Profit Declines 36% Due to Trading Slump and Increased Expenses