Citigroup Shows Why It's a Top Bank Pick
Second-quarter earnings are built on solid growth.
New York-based Citigroup (C) reported better-than-expected second-quarter earnings growth Wednesday, proving that it can consistently boost its profits. The results reinforce the firm's position as a leading investment idea in the financial-services area.
Citigroup earned $0.87 per share, a 23% increase over earnings per share a year ago and a nickel ahead of analysts' consensus estimates. While growth slowed in some areas of the company because of the weaker stock market, Citigroup reported double-digit percentage profit increases in 14 of its 16 business lines compared with the year-earlier period.
Laura Pavlenko Lutton does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.