Citigroup's Q2 profit up 45% on higher revenue and lower provisions
C•Outlook
- Citigroup did not provide specific guidance for the current quarter or full year
Result drivers
- Business line growth - Co said revenue growth was driven by expansion across its five interconnected businesses and legacy franchises, as well as foreign exchange translation
- Lower credit loss provision - Co said net income rose due to higher revenue and a lower provision for credit losses, partially offset by higher expenses
- Services momentum - Co said Services delivered its highest ever quarterly revenue and a return of over 30%
Quarterly results
- U.S. bank's Q2 revenue rose 14% yr/yr to $24.8 bln
- Q2 net income up 45% yr/yr, driven by higher revenue and lower credit loss provision
- Company returned $5.0 bln to shareholders via share repurchases and dividends
Key details and analyst coverage
| Metric | Beat/Miss | Actual | Consensus Estimate |
|---|---|---|---|
| Q2 Revenue | $24.80 bln | ||
| Q2 EPS | $3.15 |
