Citigroup CFO Says Bank Is Still Playing Catch-Up In Equities
Citigroup, Inc. (NYSE: C ) stock slid on Tuesday after the bank reported stronger-than-expected second-quarter results, driven by broad-based growth across its businesses. Strong First-Quarter Financial Performance The bank posted revenue, net of interest expense, of $24.77 billion, up 14% from a year earlier and above analyst estimates of $23.74 billion. Excluding foreign exchange impacts, revenue increased 13%. Net income climbed 45% to $5.83 billion, while earnings per share of $3.15 topped expectations of $2.72. Net interest income rose 13%, driven by growth across each of Citi’s five businesses and Legacy Franchises. Non-interest revenue increased 18%, driven by growth in All Other, Banking, Services, and Wealth, partially offset by declines in U.S. Consumer Cards (USCC) and Markets. Expenses, Profitability, and Capital Position Operating expenses rose 5% to $14.2 billion,...
Citigroup, Inc. (NYSE: C ) stock slid on Tuesday after the bank reported stronger-than-expected second-quarter results, driven by broad-based growth across its businesses. 74 billion. Excluding foreign exchange impacts, revenue increased 13%.
72. Net interest income rose 13%, driven by growth across each of Citi’s five businesses and Legacy Franchises. S. Consumer Cards (USCC) and Markets.
7% a year earlier. 0%. 6%. 4 billion of net credit losses and a net allowance for credit losses (ACL) build of $118 million, driven by portfolio growth and changes to certain macroeconomic variables.
Segment Performance Highlights Performance was strong across segments. 0 billion. 5 billion. S.
5 billion. 7 billion. Outlook and Guidance Citigroup reaffirmed its 2026 outlook, expecting net interest income excluding markets to rise 5% to 6%. 5%.
3 billion, topping analyst estimates. 3% estimate. Fraser had told investors in May that Citi aims to lift that profitability measure to about 14% to 15% by 2031. Analysts tracked had expected weaker results across several areas, but four of Citi’s five main divisions — banking, services, markets, and wealth — beat estimates.
15 per share also topped all 20 analyst forecasts. Citi’s investment bankers delivered their strongest revenue since 2021, helped by stronger dealmaking activity across the industry. However, the bank’s equities growth still trailed larger rivals, including JPMorgan Chase and Goldman Sachs as per the Bloomberg report. 78 at the time of publication on Tuesday.
96, according to Pro data. Photo via Shutterstock Read Also: Wall Street Volatility Becomes Bank of America’s Gold Mine, Trading Revenue Soars 33%