: Citigroup stock climbs after profit and revenue fall but beat expectations

Shares of Citigroup Inc. C climbed 1.1% in premarket trading Friday, after the moneycenter bank reported second-quarter results that fell but beat expectations, as weakness in markets was offset by growth in personal banking and services. Net income dropped to $2.92 billion, or $1.33 a share, from $4.55 billion, or $2.19 a share, in the year-ago period, to beat the FactSet consensus of $1.31. Total revenue fell 1.0% to $19.44 billion, but was above the FactSet consensus of $19.34 billion. Personal banking and wealth management revenue rose 6.1% to $6.40 billion, while institutional clients group revenue declined 8.6% to $10.44 billion. Within institutional clients, markets revenue dropped 12.7% to $4.62 billion, as fixed income revenue was down 13.5% to $3.53 billion and equity revenue fell 10.2% to $1.09 billion. Cost of credit increased 43.2% to $1.82 billion. The stock has lost 3.8% over the past three months through Thursday, while the Financial Select Sector SPDR exchange-traded fund XLF has gained 4.9% and the S&P 500 SPX has advanced 9.0%.

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