Citi Beats Estimates With Trading Revenue, Pauses Buybacks
- Trading division helps offset investment banking revenue slump
- Citi set aside $1.3 billion in provisions for souring loans
A Citibank branch in New York.
Photographer: Victor J. Blue/BloombergThis article is for subscribers only.
Citigroup Inc. is collecting a windfall from tumultuous international markets, even as a dimming economic outlook and Russia’s invasion of Ukraine pose billions of dollars in risks.
The bank’s second-quarter profit soared past analysts’ estimates, driven by unexpectedly large hauls from currencies, commodities and interest-rates trading and its shuttling of corporate money over borders. Net income amounted to $4.5 billion, trouncing the $3.6 billion predicted by analysts.