Banking behemoth Citigroup Inc. (NYSE: C) Friday reported a rise in income and internet revenue for the second quarter of 2024. Earnings got here in above analysts’ estimates.
Web revenue for the June quarter was $3.2 billion or $1.52 per share, in comparison with $2.9 billion or $1.33 per share within the corresponding interval final yr. Earnings topped expectations.
Driving the bottom-line development, complete revenues elevated 4% yearly to $20.1 billion within the second quarter. It was consistent 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,” mentioned Citi’s CEO Jane Fraser.
