Citigroup reported earnings today of $1.24 per diluted share, a decrease from last year, but still well above analysts’ expectations for this quarter.

Analysts expected Citigroup to report earnings of about $1.10 a share on $17.469 billion in revenue, a consensus estimate from Thomson Reuters stated, according to an article by Jon Marino for CNBC.

The company reported a net income for the second quarter of $4 billion, and revenues of $17.5 billion. The net income is down from $4.8 billion in the second quarter of 2015, or $1.51 per diluted share, and revenues of $19.5 billion.

However, the second quarter of 2015 included CVA/DVA of $312 million. Excluding that CVA/DVA, revenues decreased just 8% from last year, and earnings per diluted share decreased 14% from $1.45 per diluted share.

“These results demonstrate our ability to generate solid earnings in a challenging and volatile environment, again highlighting the resilience of our institution,” Citigroup CEO Michael Corbat said. “Nearly all of our net income came from our core businesses and we continued to reduce non-core assets in Citi Holdings.”

“We significantly improved our efficiency ratio, return on assets and return on tangible common equity from the first quarter,” Corbat said. “We also grew loans in both our consumer and institutional businesses, reduced expenses, and utilized additional deferred tax assets, bringing the total utilized to $10 billion over the last four years.”

“This utilization fuels our ability to generate regulatory capital and, with the Fed’s non-objection to our capital plan, I am pleased that we will significantly increase the amount of capital returned to our shareholders over the next year,” he concluded.

Mortgage rates are near their all-time lows, which is great for homebuyers, however banks are struggling to make a profit.

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