The broad indices ended Monday's session with slight gains, but the KBW Bank Index (I:BKX) was up 0.6% to close at 64.85, with all but six of the 24 index components showing gains.
Citigroup was the latest money center bank to announce its second-quarter results, with earnings of $4.2 billion, or $1.34 a share, increasing from $3.8 billion, or $1.23 a share, in the first quarter, and $2.9 billion, or 95 cents a share, during the second quarter of 2012.
Excluding credit valuation adjustments (CVA) and debit valuation adjustments (DVA), earnings came in at $3.9 billion, or $1.25 a share, declining from $4.0 billion, or $1.29 a share the previous quarter. Operating earnings were up 25% from $3.1 billion, or $1.00 a share, during the second quarter of 2012, excluding CVA/DVA and also excluding a loss during the second quarter of 2012 tied to the sale of the company's stake in Akbank.Again excluding CVA/DVA, Citi's total second-quarter revenue was $20.0 billion, up 8% year-over-year. Analysts polled by Thomson Reuters had estimated Citi would post second-quarter earnings of $1.19 a share on revenue of $19.75 billion. Atlantic Equities analyst Richard Staite in a note following the earnings release wrote "the beat versus consensus was driven by low net charge-offs
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