Citigroup Inc (NYSE:C) on Tuesday reported second-quarter revenue that topped Wall Street estimates, fueled by strength in fixed income trading and investment banking.
The bank posted revenue of $24.77 billion for the quarter, ahead of analysts' average estimate of $23.74 billion, according to the data provided. Earnings per share came in at $3.15.
Fixed income markets revenue reached $4.71 billion, while equity markets revenue totaled $2.3 billion. Investment banking revenue was $1.55 billion.
Net interest income for the quarter was $17.13 billion.
Citigroup's provision for credit losses was $2.52 billion. The bank's Common Equity Tier 1 capital ratio stood at 12.8%, and return on tangible common equity was 13%.
Analysts at Jefferies said the standout points in the results were net interest income and markets performance, both of which came in well above their forecasts and the broader consensus. Investment banking revenue also beat their expectations, helped by equity and debt underwriting activity. The brokerage noted that expenses of $14.2 billion matched its own forecast but ran higher than the Street had expected, largely because of increased compensation, servicing and deposit insurance costs.
Citigroup management kept its full-year 2026 targets unchanged, according to Jefferies, including net interest income growth excluding markets of 5% to 6%, an efficiency ratio of 60%, a US cards net charge-off range of 4.0% to 4.5%, and a return on tangible common equity goal of 10% to 11%. The bank also said it expects share buybacks this year to exceed 2025 levels under its $30 billion repurchase authorization.
Shares of Citigroup were up 2% Tuesday morning.