Citigroup beats on earnings as fixed income business soars

Citigroup beat second-quarter earnings Friday thanks in part to its soaring fixed income business.

The bank reported quarterly earnings of $US1.28 per share, eclipsing Wall Street estimates of $US1.22 per share.

“During the quarter, we saw

continued momentum in our

businesses, with loan and

revenue growth across both sides

of the house,” Citi CEO Michael Corbat said. “Our Global

Consumer Bank posted revenue

growth in all three regions. Our

Institutional Clients Group had a

very strong quarter all-around,

including its best Investment

Banking performance in seven

years.

Here are the key numbers:

  • Net income of $US3.9 billion, or $US1.28 per share.
  • Revenues of $US17.9 billion, beating analysts estimates of $US17.4 billion.
  • Fixed income paced the strong quarter with earnings of $US3.21 billion, beating analysts’ prediction of $US2.98 billion.
  • Global consumer banking posted revenues of $US8 billion, a 5% increase.
  • End of period loans were $US645 billion, up 2% from the prior year.

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