Citigroup rose 2.5 per cent after posting bumper second-quarter profits on Thursday.
The bank, which is listed on the New York Stock Exchange, said net income climbed to $4.8bn compared with $181m in the same period last year.
Its second-quarter results for 2014 had included a $3.5bn charge to settle court actions, Share Cast reported on Thursday.
Revenue was a touch higher at $19.5bn from $19.4bn in the second quarter of 2014, and earnings per share came in at $1.45.
The Chief Executive Officer, Citigroup, Michael Corbat, said the company expanded loans and deposits in its global consumer banking division and gained wallet share in its institutional banking sector.
He added that the bank was on track to reach its financial targets for the year.
Societe Generale said the results were above consensus, but just ‘okay’ in its views, with revenues holding up.
However, it said the revenue outlook for the bank remained “uninspiring” and retained its ‘hold’ rating and $55 price target on the stock.
“Our conservative stance on the stock is driven by large (55 per cent) non-US revenues in the mix and expectations of a slow emerging markets recovery.
“While Q2 earnings held up okay, ICG Asia was a key contributor, boosted by equities trading. As such, it is tough to have much conviction on revenue momentum,” SocGen said.
Source : Punch