Updated July 15, 2022 8:55 am ET / Original July 14, 2022 6:05 pm ET
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In a challenging quarter for banks, Citigroup (ticker: C) has been one of the few bright spots, posting second-quarter results that topped analysts’ expectations as the bank continues to execute on its turnaround plan.
The bank earned $2.19 a share on revenue of $19.6 billion — both figures far exceeded projections by analysts surveyed by FactSet who expected Citigroup to earn $1.68 a share on revenue of $18.4 billion. Net income totaled $4.5 billion, marking a 27% decline from last year. In the year-ago quarter, Citigroup earned $2.85 a share on $17.5 billion in revenue.