Citigroup tops expectations for profit and revenue on strong Wall Street results
What were Citigroup's earnings per share this quarter?
Citigroup's earnings per share for the second quarter were $1.52, exceeding analysts' expectations of $1.39. This represents a 10% increase in net income from the previous year, with the bank's total net income reaching $3.22 billion.
How much did Citigroup's revenue increase by?
Citigroup's revenue increased by 4% to $20.14 billion in the second quarter, driven by a rebound in Wall Street activity. Investment banking revenue surged 60% to $853 million, and equities trading revenue rose 37% to $1.5 billion, while fixed income revenue dipped 3% to $3.6 billion.
What drove the 60% surge in Citigroup's investment banking revenue?
The 60% surge in Citigroup's investment banking revenue was driven by strong issuance of investment-grade bonds and a rebound in IPO and merger activity from low levels in 2023. This led to investment banking revenue reaching $853 million in the second quarter.