Shares Of Citigroup Ascends After Quarterly Results Beat Street Estimates

Shares of Citigroup Inc. (C) are rising more than 8% Friday morning after reporting better-than-expected second-quarter results.

Net income in the second quarter declined to $4.547 billion or $2.30 per share from $6.193 billion or $2.85 per share a year ago.

Revenues, net of interest expense for the quarter, however, increased to $19.638 billion from $17.73 billion last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.68 per share on revenue of $18.22 billion for the quarter.

Net credit losses declined to $850 million from $1.32 billion last year.

C, currently at $47.74, has traded in the range of $43.44-$74.64 in the last 1 year.

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