Wall-Street: Citigroup (C) and JPMorgan Chase & Co (JPM) beats expectations. Citi earned $ 4.3 billion from trading in the 1st quarter

Despite the decline in quarterly revenue and profit, the banks results were better than Wall Street expectations.

Citigroup Inc. on Friday reported a better-than-expected results, despite the 14% decline in profits compared to the same period last year.

In the second quarter, excluding adjustments, the bank's profit fell to $ 4 billion from $ 4.65 billion a year earlier, as the ultra-low interest rates continue to put pressure on profits in the industry. CEO Michael Korbat said in a statement that the results "demonstrate our ability to generate solid earnings in a challenging and changing environment."

Earnings per share were $ 1.24, versus $ 1.10 expected by analysts polled by Thomson Reuters. These expectations have decreased in the beginning of the year and continued to decline after the Brexit vote.

Citigroup's revenue also slightly exceeded expectations and amounted to $ 17.55 billion, compared with analysts' estimates of $ 17.47 billion. However, the revenue decreased by 8% compared to the same period last year, showing the second consecutive quarterly decline. Over the past six quarters, Citigroup showed revenue growth only once.

The last eighteen months have been relatively calm for Citigroup, which paid for legal services and regulations faced for many years. In general, the profit was better than the expectations of Mr. Korbata last month, when he said that second-quarter earnings will be flat compared with the first quarter. In the first quarter profit totaled $ 3.5 billion.

Last year the bank received the largest annual profit in almost ten years, but this year the price of its stocks taken a beating. Mr. Korbat said that the stock price has fallen in part because of misconceptions about the emerging markets, where Citigroup has a large presence, as well as the history of the bank during the financial crisis.

Citigroup results followed a pattern similar to J.P. Morgan Chase & Co: a jump in trading activity in bonds and currencies, as well as a decline in investment banking activities.

In the last quarter, Citigroup trading income increased by 15% to $ 4.3 billion from $ 3.7 billion a year earlier. Citigroup's revenue from trading bonds, currencies and commodities increased by 14%.

Investment banking revenue fell to $ 1.22 billion from $ 1.29 billion a year earlier.

Profit consumer business fell by 18%.

Block Citi Holdings, where the bank keeps business and loans, which he wants to sell, continues to receive less profit. Together with the profit, assets continued to decline to $ 66 billion from $ 125 billion a year earlier.

Expenses decreased by 5%, to $ 10.4 billion from $ 10.9 billion a year earlier, although the decline was less than the drop in revenue of 8%. The bank has cut 8% of its jobs and 4% of its branches.

This year, the bank's shares fell 14%.

Currently, shares of Citigroup Inc. (C) traded at $ 44.46 (+ 0.02%)