Citigroup beats analysts’ estimates for profit, helped by $1.1 billion boost from loans

Citigroupposted second-quarter results.

Here's how the bank did:

Earnings: $2.85 a share. The estimate of analysts surveyed by Refinitiv was $1.96 a share.

Revenue: $17.47 billion. The estimate was $17.2 billion.

What changes doesJane Fraserhave in store for Citigroup?

Fraser, who officially became CEO in February,announcedin April that Citigroup was exiting retail operations in 13 countries outside the U.S. to improve returns.

Now, analysts wonder what else Fraser has planned for her strategic revamp of Citigroup, the third biggest U.S. bank by assets.

Like the rest of the industry, Citigroup is expected to release some of the money it had previously set aside for anticipated defaults tied to the coronavirus pandemic. The firm may also benefit from strong Wall Street advisory activity in the quarter.

Shares of Citigroup have climbed 11% this year, compared with the 26% advance of the KBW Bank Index.

On Tuesday,JPMorgan ChaseandGoldman Sachs each posted results that beat expectations, helped by strong revenue from Wall Street advisory activities.

Shares of Citigroup rises 0.4 in premarket.