Citigroup beats on earnings as fixed income business soars

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A man walks past a Citibank branch in lower Manhattan, New York
source
Thomson Reuters

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

The bank reported quarterly earnings of $1.28 per share, eclipsing Wall Street estimates of $1.21 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 $3.9 billion, or $1.28 per share. Revenues of $17.9 billion, beating analysts’ estimates of $17.4 billion. Fixed income paced the strong quarter with earnings of $3.21 billion, beating analysts’ prediction of $2.98 billion. Global consumer banking posted revenues of $8 billion, a 5% increase. End of period loans were $645 billion, up 2% from the prior year.