Citigroup profit tops estimates as revenue lags – shares lower premarket

Citigroup Inc. posted mixed results from trading Friday, with its markets and securities revenue falling 1% to $4.5 billion in the second quarter as strong growth in equity markets and securities services was more than offset by a decline in fixed income markets. The bank said fixed income revenue fell 6% to $3.1 billion, driven by "a more challenging market environment" and a difficult comparison with the year-earlier period in G10 rates and securitized products. Equity markets revenue rose 19% to 4864 million, reflecting market volatility. Securities services revenue rose 12% to $665 million. Shares were down 0.4% premarket.