Citigroup tops profit and revenue estimates

JPMorgan 2Q Trading Revenue Falls Short of Estimates

JPMorgan 2Q Trading Revenue Falls Short of Estimates

Revenues for the second quarter of $17.9bn were up 2% on the same period a year ago, beating consensus estimates of $17.4bn.

Citigroup Inc. said Friday it had net income of $3.9 billion, or $1.28 a share, in the second quarter, down from $4.0 billion, or $1.24 a share, in the year-earlier period.

The net income helped generate additional regulatory capital, lifting the common equity tier 1 (CET1) capital ratio to 13.0% from 12.8% the first quarter, well above the 11.5% Corbat believes is needed to prudently operate the firm. That was more than analysts were anticipating and a big boost from past year. The meeting will be the bank's first such gathering in almost a decade, when it is expected to lay out a series of growth goals for its consumer and investment-banking businesses.

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Net income totaled $3.87 billion, down 3% compared with second-quarter 2016 net income of $4 billion.

Citigroup's shares were almost flat in premarket trading. It ranks second so far this year in M&A, according to Dealogic, up from sixth this time a year ago, and it has gained market share in equity and debt underwriting as well.

Citigroup got the go-ahead on June to repurchase up to $15.6 billion of common stock over the next year - almost twice as much as the year before - as well as double its quarterly dividend to 32 cents per share, bringing total payouts to $18.9 billion for the period. Visit MarketWatch.com for more information on this news.

2Q 2017 Earnings, Shares Down After Results
Its stake stood at $15,954,000 an increase of $685,000 according to the filing. 8,382 were reported by Jpmorgan Chase And. Jamie Dimon , the chief executive of JPMorgan Chase is thinking about a lot more than his bank's earnings these days.

Growth was driven by institutional and global consumer banking, but slowed by falls in corporate banking. The year-over-year rise was attributed to an increase of 6% in the bank's institutional clients group and a 5% revenue boost in its global consumer banking group.

Revenues at Citi rose 2% year over year and dipped 1% sequentially.

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