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.
The post Citigroup (C) reports higher revenue and profit for Q2 2024; earnings beat first appeared on AlphaStreet.
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