Citigroup (C) Tops Q2 EPS by 89c

Citigroup (NYSE: C) reported Q2 EPS of $2.85, $0.89 better than the analyst estimate of $1.96. Revenue for the quarter came in at $17.5 billion versus the consensus estimate of $17.2 billion.

Jane Fraser, Citi CEO, said, “The pace of the global recovery is exceeding earlier expectations and with it, consumer and corporate confidence is rising. We saw this across our businesses, as reflected in our performance in Investment Banking and Equities as well as markedly increased spending on our credit cards. While we have to be mindful of the unevenness in the recovery globally, we are optimistic about the momentum ahead. “During the first half of the year, we returned nearly $7 billion in capital to our shareholders, the most that was permitted by the Federal Reserve. We ended the quarter with a Common Equity Tier One ratio of 11.9% and we intend to continue to return our excess capital, over and above the amount we need to make strategic investments. We are making progress on our strategy refresh across our consumer and institutional businesses. Our overarching goal is to increase the returns we generate and close the gap with our peers. We have set out to modernize our bank and want to achieve nothing less than excellence in our risk and control environment, our operations and our service to clients,” Fraser concluded.

For earnings history and earnings-related data on Citigroup (C) click here.

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