Citigroup announced a 7% earnings gain in the second quarter of 2019 after lower spending and strong consumer lending helped the Wall Street bank to cope with its weakened business in capital markets trading.

Citigroup’s net profit grew to 4.80 billion USD, or 1.95 USD per share, in the second quarter of the year. By comparison, in the same period in 2018, the reported profit was 4.50 billion USD or 1.63 USD per share.

The last quarter saw a one-time effect on the profit of 12 cents per share linked to Citi’s investment in the e-commerce company TradeWeb.

Revenue from the financial institution rose by 2% to 18.76 billion USD, and spending fell by 2%. Analysts were expecting a profit of 1.8 USD per share and revenue of 18.49 billion USD.

The creditor has cut spending more than expected, while the consumer unit enjoys its strongest second quarter since 2013.

However, Citigroup’s earnings from trading on capital markets shrank by about 5%, and this is turning into a trend as it happens for the third quarter in a row. The Bank’s revenue from the merger and acquisition advisory unit is also seriously decreasing.

Citi is the first major US bank to announce its results this week. Wall Street банкс JPMorgan Chase, Bank of America and Goldman Sachs are expected to publish their reports later this week.