Citigroup: Q2 EPS down 39%

(CercleFinance.com) - Citigroup has reported Q2 2003 net income of $2.
9bn, or EPS of $1.33, down nearly 39% y-o-y, on revenues that slipped 1% to $19.4bn.

CEO Jane Fraser said, "Amid a challenging macroeconomic backdrop, we continued to see the benefits of our diversified business model and strong balance sheet", noting that the markets business suffered from a wait-and-see attitude amongst customers, while the US debt limit played out.

While "the long-awaited rebound in investment banking has yet to materialize", she points notes "Our Cards businesses had double-digit growth, due to strong engagement and continued normalization in payment rates".


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