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Citigroup Q2 Earnings: Personal Banking Growth, Profit Growth, In-line Outlook And More
Citigroup Inc (NYSE:C) reported a second-quarter fiscal 2024 revenue growth of 4% year-over-year to $20.14 billion, beating the analyst consensus estimate of $20.07 billion. GAAP EPS of $1.52 beat the analyst consensus estimate of $1.39.
Net credit losses were $2.28 billion, up 52% year-over-year.
Services revenue grew 3% year-over-year to $4.7 billion, primarily reflecting strength in Securities Services and the impact of continued underlying momentum in Treasury and Trade Solutions.
Markets revenue increased by 6% Y/Y to $5.1 billion, driven by Equity market revenue growth.
Banking revenue increased 38% Y/Y to $1.6 billion, driven by Investment Banking and Corporate Lending.
U.S. Personal Banking revenue grew 6% Y/Y to $4.9 billion, driven by higher net interest income.
Wealth revenue grew 2% to $1.8 billion, driven by a 13% increase in non-interest revenue.
All other revenue declined 22% year over year to $2.0 billion, primarily due to closed exits and winddowns and higher investment portfolio funding costs.
Net ...