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Citigroup goes public despite surprising with better than expected profit

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Citigroup It has fallen about 4% after releasing its quarterly results. The declines come despite the fact that it has reported better than expected earnings thanks to its trading division, which has made cash with the high trading volumes and volatility that the pandemic has left.

The bank's revenues have stood at $ 19.8 billion compared to the $ 19.2 billion anticipated by the consensus of analysts.

Citi's EPS was $ 0.50, compared to $ 0.28 projected by experts. Returning to its trading business, the entity has increased 68% the inter-annual income of this division. At the close of Monday, the bank's securities accumulated a 12% rally in the last three months, ahead of others like JP Morgan, Bank of America and Wells Fargo.

Citi has just announced in late June that it will maintain its quarterly dividend after successfully passing the Fed stress test, with Wells Fargo being the only entity that failed to do so. "We believe we are well positioned to continue offering support to our customers and the economy," said its CEO, Michael Corbat, last month.

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