CITIGROUP PROFIT DROPS BUT BEATS EXPECTATIONS
Citigroup Inc. on Friday reported better-than-expected results, despite a 14% year-over-year drop in the bank's profit.The New York bank said Friday that second-quarter profit fell to $4 billion, from $4.65 billion a year ago, as superlow interest rates continue to pressure the industry's earnings. CEO Michael Corbat said in a statement that the results "demonstrate our ability to generate solid earnings in a challenging and volatile environment."Earnings on a per-share basis, of $1.24, beat the $1.10 expected by analysts polled by Thomson Reuters. Those estimates had been falling since the start of the year and declined further in the wake of the U.K.'s late-June Brexit vote that sent long-term bond yields to new historic lows.Citigroup's revenue, too, slightly beat expectations, at $17.55 billion compared with analyst estimates of $17.47 billion. Still, revenue was down 8% from a year ago, marking the second consecutive quarter with a year-over-year decline. In the past six quarters, Citigroup has showed a revenue gain only once.