Citigroup Second-Quarter Results Top Estimates Amid Double-Digit Revenue Growth Across Most Segments
Citigroup (C) reported stronger-than-expected second-quarter financial results Tuesday, driven by double-digit revenue growth across four of its five primary business segments. Earnings rose to $3.15 a share for the June quarter from $1.96 a year earlier, exceeding the FactSet-polled consensus of $2.74. Net revenue grew 14% to $24.77 billion, ahead of the Street's $23.74 billion view. "With net income up 45%, this was Citi's best quarterly revenue in a decade with double-digit revenue growth for the firm and in four out of our five businesses," Chief Executive Jane Fraser said in a statement Tuesday. Citigroup shares were up 2% in Tuesday trade and have gained 21% this year. Markets revenue rose 17% to $7.01 billion as equity market revenue surged 45% year over year to $2.30 billion. Services business revenue climbed 18% to $6.38 billion amid an 18% gain in treasury and trade solutions and a 16% increase in securities services. Banking saw the biggest annual gain as revenue jumped 34% to $1.92 billion, buoyed by 44% growth in investment banking despite a decline in corporate lending. Wealth revenue increased 13% to $3.18 billion, while US consumer cards grew 1% to $4.52.
Citigroup (C) reported stronger-than-expected second-quarter financial results Tuesday, driven by double-digit revenue growth across four of its five primary business segments.
Earnings rose to $3.15 a share for the June quarter from $1.96 a year earlier, exceeding the FactSet-polled consensus of $2.74.
Net revenue grew 14% to $24.77 billion, ahead of the Street's $23.74 billion view. "With net income up 45%, this was Citi's best quarterly revenue in a decade with double-digit revenue growth for the firm and in four out of our five businesses," Chief Executive Jane Fraser said in a statement Tuesday.
Citigroup shares were up 2% in Tuesday trade and have gained 21% this year.
Markets revenue rose 17% to $7.01 billion as equity market revenue surged 45% year over year to $2.30 billion.
Services business revenue climbed 18% to $6.38 billion amid an 18% gain in treasury and trade solutions and a 16% increase in securities services.
Banking saw the biggest annual gain as revenue jumped 34% to $1.92 billion, buoyed by 44% growth in investment banking despite a decline in corporate lending.
Wealth revenue increased 13% to $3.18 billion, while US consumer cards grew 1% to $4.52.