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Home»Finance»Citigroup C Q2 earnings report 2023
Finance

Citigroup C Q2 earnings report 2023

July 14, 2023No Comments2 Mins Read
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Citigroup C Q2 earnings report 2023
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Citigroup posts better-than-expected earnings and revenue, shares rise

Citigroup on Friday reported second-quarter earnings and revenue that topped expectations.

Despite the beat, Citi’s revenue fell 1% from a year ago as the decline in markets and investment banking businesses weighed on its results. Citi said the uncertain macroenvironment and low volatility impacted client activity and market performance.

“Amid a challenging macroeconomic backdrop, we continued to see the benefits of our diversified business model and strong balance sheet,” CEO Jane Fraser said in a statement.

Here’s how the New York-based lender fared in the quarter compared with what analysts polled by Refinitiv expected from the banking giant.

  • Earnings per share: $1.33 vs. $1.30
  • Revenue: $19.44 billion vs. $19.29 billion

Citigroup’s net income fell 36% to $2.9 billion, or $1.33 per share, from $4.5 billion, or $2.19 per share, last year, pressured by higher expenses, high cost of credit and lower revenue.

“Markets revenues were down from a strong second quarter last year, as clients stood on the sidelines starting in April while the U.S. debt limit played out,” Fraser said. “In Banking, the long-awaited rebound in Investment Banking has yet to materialize, making for a disappointing quarter.”

On the bright side, revenue from personal banking and wealth management increased 6% in the quarter to $6.4 billion driven by strong loan growth.

Citi returned a total of $2 billion to shareholders through common dividends and share buybacks in the second quarter.

Shares of Citigroup dipped 4% on Friday. The stock is up more than 1% year to date, outperforming the SPDR S&P Bank ETF (KBE), which is down about 12%.

See also  Oil Extends Losses on Demand Woes as Goldman Cuts Outlook Again

Read the earnings release here.

Correction: Citigroup’s net income fell 36% year over year. A previous version misstated the percentage.

Citigroup Earnings Report
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