Citigroup Inc. (C) reported its latest financial results before the market open in the US on Friday, surpassing analyst expectations.

The US investment banking company reported revenue of $19.638 billion for the second quarter vs. $18.352 billion estimate.

Earnings per share reported at $2.19 per share for the quarter vs. $1.68 per share expected.

Jane Fraser, CEO of Citigroup commented on the latest results: ”While the world has changed since our Investor Day in March, our strategy has not and we are executing it with discipline and urgency. Treasury and Trade Solutions fired on all cylinders as clients took advantage of our global network, leading to the best quarter this business has had in a decade. Trading volatility continued to create strong corporate client activity for us, driving revenue growth of 25% in Markets. While economic sentiment clearly impacted Investment Banking and Wealth Management, we continue to invest in these businesses and we like where they are headed. In U.S. Personal Banking, the positive drivers we saw in our two credit cards businesses over the last few quarters converted into solid revenue growth this quarter, most notably a 10% growth in Branded Cards.”

”In a challenging macro and geopolitical environment, our team delivered solid results and we are in a strong position to weather uncertain times, given our liquidity, credit quality and reserve levels. I am particularly pleased with our capital strength. We ended the quarter with a Common Equity Tier 1 ratio of 11.9%, having built capital due to a higher regulatory requirement. We intend to generate significant capital for our investors, given our earnings power and the upcoming divestitures,” Fraser added.

Citigroup Inc. (C) chart

Share price of Citigroup jumped by 13.23% on Friday after better than expected financial results, trading at $49.95 per share.

Here is how the stock has performed in the past year:

• 1 Month +7.44%
• 3 Month -1.87%
• Year-to-date -17.24%
• 1 Year -25.29%

Citigroup price targets

• Morgan Stanley $46
• Well Fargo $60
• Piper Sandler $62
• RBC Capital $60
• Morgan Stanley $57
• Credit Suisse $58

Citigroup Inc. is the 122^nd largest company in the world with a market cap of $97.05 billion.

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Sources: Citigroup Inc., TradingView, MetaTrader 5, Benzinga, CompaniesMarketCap