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Shares in US banking firm Citigroup are trading 1.7% lower pre-market on Monday. Price has remained within a tight block of consolidation since the group reported Q2 earnings in mid-July. This is despite better than expected results.
Citi posted a Q2 EPS of $0.50 versus expectations of $0.36 per share. Overall revenues were also higher than expected at $19.77 billion versus $19.12 billion forecasted.
Trading Revenues Soar
Citi noted a significant increase in trading revenue as the main driver in the earnings beta. This helped offset a slowdown in the company’s consumer banking business. Trading revenues were higher by 68%. This is compared with the same quarter last year with the bank’s Markets and Securities Services revenues higher by 48% to $6.9 billion.
Looking at the breakdown of the earnings report, Citi reported its fixed income, currency, and commodities trading revenue at $5.6 billion versus $4.86 billion forecasted. Meanwhile, equity trading revenue was a little lower at $770...
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