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.
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