Citigroup Inc. (C) said its second-quarter net income decreased 27% from the prior-year period, as higher cost of credit and an 8% increase in expenses more than offset the 11% increase in revenues. However, earnings per share which decreased 23% from the prior-year period, topped Wall Street estimates.
Second quarter revenues were up 11%, with growth in both net interest income as well as non-interest revenue. Higher net interest income was primarily driven by the benefits of higher rates as well as strong volumes across Institutional Clients Group and Personal Banking and Wealth Management. The company said the increase in operating expenses was driven by continued investments in its transformation, higher business-led investments and volume-related expenses. Citigroup ended the quarter with a Common Equity Tier 1 ratio of 11.9%.
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