Citigroup stock climbs after profit and revenue fall but beat expectations

Shares of Citigroup Inc.
C,
+1.45%
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,
+0.51%
has gained 4.9% and the S&P 500
SPX,
+0.24%
has advanced 9.0%.