Citigroup Q2 Profit Surges 45% to $5.8B, Revenue Jumps 14%
C sits 62% above its 52-week low of $85.615.
Summary
Citigroup delivered a strong Q2, with net income rising 45% to $5.83 billion and EPS of $3.15, up from $1.96 a year ago. Revenue climbed 14.3% to $24.77 billion, driven by a 34% surge in banking revenue to $1.92 billion and high single-digit trading growth, as guided by the CFO in June. The results follow a series of positive strategic moves, including a 12% dividend hike and a $30 billion buyback authorization. With NII growth guided at 5-6% and medium-term ROTCE targets of 14-15%, the quarter reinforces the bank's turnaround narrative.
At the time of this announcement, C was trading at $138.47 on NYSE in the Finance sector, with a market capitalization of approximately $241.3B. The 52-week trading range was $85.62 to $147.96. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: dpa-AFX.