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# Citigroup Posts Q2 2024 Net Income of $3.2 Billion as Equities and Investment Banking Revenues Rise
- URL: https://www.theglobalbanker.com/citigroup-q2-2024-net-income-3-2-billion-equities-investment-banking-surge/
- Published: 2024-07-12T09:21:00.000Z
- Updated: 2026-10-02T12:57:33.000Z
- Description: Citi reported Q2 2024 earnings of $3.2bn with EPS of $1.52, beating estimates, as equities trading revenues rose 37% and investment banking revenues climbed 60% year-on-year.
- Author: TGB Editorial Team
- Tags: Banking News, Americas, #archive

Citigroup reported second-quarter 2024 net income of $3.2 billion on 12 July 2024, a 10% increase from the same period a year earlier, as equities trading and investment banking revenues rose. Earnings per share of $1.52 surpassed the consensus estimate of $1.39.

Total revenues for the quarter reached $20.1 billion, representing a 4% year-on-year increase driven by growth across its businesses, particularly Banking, US Personal Banking and Markets, and including a gain of about $400 million related to the Visa B share exchange. 

#### EQUITIES TRADING REVENUE UP 37% YEAR-ON-YEAR

Equities trading revenue rose 37% compared with the second quarter of 2023, driven primarily by equity derivatives, including a gain related to the Visa B share exchange, and by growth in prime balances of about 18%. 

The bank's trading franchise has historically been concentrated in fixed income, currencies, and commodities, and strengthening the equities business has been a stated priority for Chief Executive Jane Fraser as part of the broader transformation programme she has led since taking the top role. 

Operating expenses fell 2% year-on-year.

#### INVESTMENT BANKING REVENUES UP 60%

Investment banking revenue of $853 million in the second quarter represented a 60% increase year-on-year.