July 15, 2019 / 12:06 PM / 5 months ago

Citigroup profit rises on gains in consumer lending

July 15 (Reuters) - Citigroup Inc reported a 7% rise in quarterly profit on Monday as lower costs and strength in consumer lending helped the Wall Street bank counter weakness in its trading business.

Net income rose to $4.80 billion, or $1.95 per share, in the second quarter, from $4.50 billion, or $1.63 per share, a year earlier. The quarter included a one-time gain of 12 cents per share related to Citi’s investment in electronic trading company TradeWeb.

Revenue rose 2% to $18.76 billion, while expenses fell 2%.

Analysts were looking for a profit of $1.80 per share and revenue of $18.49 billion, according to IBES data from Refinitiv. It was not immediately clear if the reported numbers were comparable with the estimates.

Citi is the first major bank to report second-quarter earnings. Wall Street titans JPMorgan Chase & Co, Bank of America Corp and Goldman Sachs are scheduled to report later in the week. (Reporting by Imani Moise in New York and Sweta Singh in Bengaluru; Editing by Sriraj Kalluvila)

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