Citi profit beats on surge in investment banking, services strength

Citigroup (C.N), opens new tab beat Wall Street expectations for second-quarter profit on Friday, boosted by a 60% jump in investment banking revenue and gains in its services division, sending the company’s shares up 3% before the bell.

The third largest U.S. lender reported a profit of $1.52 per share in the three months ended June 30. That compares with analysts’ expectations of $1.39, according to LSEG data.

“Our results show the progress we are making in executing our strategy and the benefit of our diversified business model,” Citi CEO Jane Fraser said in a statement.