Citigroup (C) Tops Q2 EPS by 7c

Citigroup (NYSE: C) reported Q2 EPS of $1.63, $0.07 better than the analyst estimate of $1.56. Revenue for the quarter came in at $18.5 billion versus the consensus estimate of $18.51 billion.

Citi CEO Michael Corbat said, “These results demonstrate good momentum across our franchise and that we are firmly on track to achieve the financial targets we introduced last year at Investor Day.

“During the quarter, we drove strong year-over-year revenue growth in many of our businesses – including our International Consumer franchise, Treasury and Trade Solutions, Equities, and the Private Bank. And we continue to support our clients as evidenced by solid loan growth that was balanced across businesses and geographies. Our focus on expenses has given us the ability to self-fund many of our investments and resulted in an improvement in our efficiency ratio for both the second quarter and through the first half of this year.

“Finally, we were pleased to receive a non-objection from the Federal Reserve to our capital plan submitted as part of the 2018 CCAR cycle which will allow us to return $22 billion in capital to common shareholders over the next year, marking another significant step towards delivering on our commitment to return at least $60 billion in capital over a three-year period,” Mr. Corbat concluded.

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

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