Citigroup on Wednesday posted second-quarter results that benefited from a $1.1 billion boost from releasing reserves the bank had set aside for loan losses.
Here’s how the bank did:
Earnings: $2.85 a share, topping the $1.96 estimate of analysts surveyed by Refinitiv.
Revenue: $17.47 billion, edging out the $17.2 billion estimate.
While the bank managed to top expectations for revenue, the figure declined 12% from a year earlier, driven by lower results in fixed income trading, falling credit card loans and dropping interest rates.
The firm’s earnings jumped after it released reserves set aside for loan losses, resulting in a $1.1 billion benefit after $1.3 billion in charge-offs. A year…