Citigroup Surpasses Q2 Earnings Expectations with EPS of $1.52 and Revenue of $20.13B

Jul 12, 2024, 12:08 PM

Citigroup has reported its Q2 2024 earnings, surpassing expectations with an earnings per share (EPS) of $1.52, compared to the estimated $1.39. The company's revenue for the quarter reached $20.13 billion, slightly above the expected $20.07 billion. Citigroup's net earnings amounted to $3.2 billion, marking a 10% year-over-year increase but a 5% decline quarter-over-quarter. The bank's CET1 ratio now stands at 13.6%, and it has announced a 6% increase in its dividend. The company's performance was bolstered by a 60% surge in investment banking revenue and gains in its services division. Total loans amounted to $687.7 billion, while wealth revenue was $1.81 billion and banking revenue was $1.63 billion. The return on equity (RoE) stood at 6.3%, and the return on tangible common equity (RoTCE) was 7.2%. Despite these positive results, Citigroup's shares dipped by approximately 0.2% following the announcement.