Citigroup: cost-cutting helps Q2 beat consensus

(CercleFinance.com) - Citigroup exceeded Wall Street's expectations in Q2, a performance that the US banking group attributes to the success of its strategy to "streamline" its costs.


In the three months to the end of June, the New York-based bank posted net income of $3.2bn, compared with $2.9bn in Q2 2023.

At $1.52, EPS was well ahead of the analyst consensus of $1.39.

Net banking income rose by 4% to $20.1bn.

Citi's CEO Jane Fraser says that these good results, amongst other things, are thanks to the 2% drop in the group's operating expenses to $13.35bn.

Citi also mentions the solid end to the quarter recorded by its markets division, which enabled it to generate better-than-expected performance.

Buoyed by the strength of its derivatives business, the equities division's revenues rose by 37%, while investment banking jumped by 38%, with gains in market share.

This publication was liked by investors, with the stock up over 2% in pre-market trading on Friday.


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