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Citigroup (C) Q2 2024 Earnings
Citi CEO Jane Fraser speaks during the Milken Institute Global Conference in Beverly Hills, California, on May 1, 2023.
Patrick T. Fallon | AFP | Getty Images
- Earnings: $1.52 per share vs. $1.39 per share expected, according to LSEG
- Revenue: $20.14 billion vs. $20.07 billion expected
The bank said net income jumped 10% from a year earlier to $3.22 billion, or $1.52 per share. Revenue rose 4% to $20.14 billion.
Equity trading revenue rose 37% to $1.5 billion, driven by strength in derivatives and rising hedge fund balances, about $300 million more than StreetAccount’s estimate.
Fixed income revenue fell 3% to $3.6 billion, broadly matching analyst expectations, due to lower activity in rates and foreign exchange markets.
Investment banking revenue rose 60% to $853 million, driven by strong investment-grade bond issuance and a recovery in IPO and merger activity from low levels in 2023.
The bank’s shares fell nearly 2%.
“Our results demonstrate the progress we are making in executing our strategy and the benefit of our diversified business model,” said Citigroup CEO Jane Fraser said in the statement. “Markets had a strong end to the quarter, leading to better performance than we had anticipated.”
Citigroup was there this week reprimanded for failing to correct its regulatory deficiencies.
Last year, Fraser announced plans to simplify the management structure and cut costs at the third-largest U.S. bank by assets. But profits will take a backseat if Citigroup can’t allay regulators’ concerns about its data and risk management.
JPMorgan Chase announced the results on Friday, while Goldman Sachs, Bank of America It is Morgan Stanley report next week.
Correction: This article has been updated to correct that Citigroup reported revenue of $20.14 billion for the second quarter. An earlier version misstated the number due to a rounding error.