The bank’s earnings per share of $3.15 and revenue of $24.77 billion surpassed Wall Street estimates amid market volatility.
Citigroup reported a 45% increase in second-quarter profit, driven by higher trading activity and a rebound in investment banking. Earnings reached $3.15 per share, above the $2.73 estimate, while revenue hit $24.77 billion, the highest in a decade and exceeding forecasts of $23.66 billion.
Trading revenue surged, with equities up 45% year over year and fixed-income markets rising 7%. Geopolitical tensions and market volatility boosted client activity, particularly in rates, foreign exchange, and commodities. Investment banking also recovered, contributing to the strong results.
Despite the earnings beat, Citigroup shares fell 1.23% in premarket trading.