Citigroup (C) on Fridꦛay reported second-quarter p♚rofit that beat analysts' estimates.

Citi's net income of $3.2 billion was 10% higher than the year-ago quarter, while diluted 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) climbed to $1.52 from $1.33 last year, beating the $1.38 consensus estimate of analysts compiled by Visible Alpha.

The bank's revenue rose 4% to $20.1 billion, a shade below estimates, on growth in banking and trading business segments. Equities trading revenue grew 37%, driven by gains in derivatives.

'Rationalizing the Expense Base Is Starting To Pay Off'

"Growth in client investment assets drove stronger investment revenue, and our focus on rationalizing the expense base is starting to pay off," Citi 澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Jane Fraser said.

Investors and analysts were watching for Citi's cost management, especially since this is the first full quarterly report since Fraser's 澳洲幸运5官方开奖结果体彩网:massive restructuring program aimed at curbing costs 澳洲幸运5官方开奖结果体彩网:ended in March.

The bank's operating expenses fell 2% to $13.4 billion, even though the cost of credit grew, "primarily driven by higher cards net credit losses, partially offset by a lower allowance for credit losses (ACL)."

Citi s𒆙tock rose in premarket trading Friday following the report but turned lower when markets opened, falling 2.5% to $64.06 as of around 10 a.m. ET. It has gained roughly 25% year-to-date.

UPDATE—🌠This story has 𝓀been updated to reflect the latest share price.