NEW YORK—Citigroup reported second-quarter earnings Tuesday that exceeded analyst expectations, lifting its already high-performing stock and highlighting growth across its core business lines, CNBC reported.
The bank posted net income of $4.02 billion—a 25% increase from the same period last year. Earnings came in at $1.96 per share, topping the $1.60 estimate from LSEG. Revenue reached $21.67 billion, surpassing forecasts of $20.98 billion. Following the announcement, Citigroup shares rose 3.7%, CNBC said.
Overall revenue grew 8% year over year, fueled by gains in the firm’s markets and banking divisions. Total markets revenue jumped 16%, with equity trading revenue up 6% from a year ago and 7% from the prior quarter. Banking revenue surged 18% over Q2 2024, despite some losses from loan hedges, CNBC noted.