Citigroup shares rise after bank beats earnings target

Citigroup Inc.
C,
+10.52%
shares rose 2.1% in premarket trades on Friday after the bank said its second-quarter earnings fell to $4.55 billion, or $2.19 a share, from $6.19 billion, or $2.85 a share, in the year-ago quarter. Revenue rose to $19.64 billion from $17.75 billion. Analysts expected Citigroup to report net income of $1.68 a share on revenue of $18.4 billion, according to a FactSet survey. “In a challenging macro and geopolitical environment, our team delivered solid results and we are in a strong position to weather uncertain times, given our liquidity, credit quality and reserve levels,” CEO Jane Fraser said. As of Thursday’s close, Citigroup’s shares are down 26.9% in 2022, compared to a loss of 21.3% by the Financial Select SPDR ETF
XLF,
+3.14%
and a loss of 20.5% by the S&P 500
SPX,
+1.62%.