Banking behemoth Citigroup Inc. (NYSE: C) Friday reported an increase in revenue and net income for the second quarter of 2024. Earnings came in above analysts’ estimates.
Net profit for the June quarter was $3.2 billion or $1.52 per share, compared to $2.9 billion or $1.33 per share in the corresponding period last year. Earnings topped expectations.
Driving the bottom-line growth, total revenues increased 4% annually to $20.1 billion in the second quarter. It was in line with analysts’ estimates.
“Markets had a strong finish to the quarter leading to better performance than we had anticipated. Fixed Income was slightly down year-over-year and Equities was up 37%, driven by strong performance in derivatives. Banking was up 38% as the wallet rebound gained some momentum and we again grew share. Wealth is starting to improve,” said Citi’s CEO Jane Fraser.
