Citigroup’s earnings results showed a bit of bifurcation in consumer spending, as higher credit scoring individuals continue to use their cards and lower FICO consumers are falling behind a bit amid evidence of budget tightening.The company’s earnings release indicates that spending on Citi’s cards was 3% higher than a year ago. Volumes were up 8% from the previous quarter to $131 billion. At the same time, the average card loans were up 10% year on year to $109 billion. The 90-day delinquency rate was 1.1% ...

Mixed results from large U.S. banks kicked off the financial world's second-quarter earnings season.As the focus remains on potential Federal Reserve rate cuts, high interest rates remain an income hurdle for banks.Meanwhile, the big banks' profit statements exhibit growing concern about a cooling economy. Earnings at two of the three large U.S. banks that traditionally launch the financial sector's quarterly earnings season exceeded investors' expectations Friday. But their income statements revealed the o ...

Citigroup Inc. (NYSE:C) Q2 2024 Earnings Conference Call July 12, 2024 11:00 AM ET Company Participants Jenn Landis - Head, Investor Relations Jane Fraser - Chief Executive Officer Mark Mason - Chief Financial Officer Conference Call Participants Mike Mayo - Wells Fargo Glenn Schorr - Evercore Jim Mitchell - Seaport Global Erika Najarian - UBS Gerard Cassidy - RBC Ken Usdin - Jefferies Betsy Graseck - Morgan Stanley Vivek Juneja - JPMorgan Matt O'Connor - Deutsche Bank Saul Martinez - HSBC Steven Chubak - W ...

Loading...Loading...U.S. stocks traded higher toward the end of trading, with the Dow Jones index surging past the 40,000 mark on Friday.The Dow traded up 1.09% to 40,187.34 while the NASDAQ rose 1.30% to 18,521.69. The S&P 500 also rose, gaining, 1.12% to 5,647.26.Check This Out: This Spotify Analyst Begins Coverage On A Bullish Note; Here Are Top 5 Initiations For FridayLeading and Lagging SectorsInformation technology shares jumped by 1.5% on Friday.In trading on Friday, communication services shares fel ...

Citigroup Inc.’s (C) second-quarter 2024 net income per share of $1.52 surpassed the Zacks Consensus Estimate of $1.40. The metric increased 14.3% from the year-ago quarter’s levels.Shares of C have gained 3.3% in the pre-market trading on a higher-than-expected quarterly performance.It witnessed a rise in total loans in the quarter. However, deposits declined on a year-over-year basis.Net income in the quarter was $3.22 billion, increased 10.4% from the prior-year quarter’s levels.Revenues Increase, Expens ...

July 12, 2024 Earnings Results Presentation Second Quarter 2024 Our strategy and path forward remains unchanged Our Vision Be the preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in our home market Delivering on our Investor Day priorities Transformation Simplification Culture and TalentInvest for Growth #1 priority Focus on five core interconnected businesses Maximize unique global network Build winning culture Relentless e ...

For the quarter ended June 2024, Citigroup (C) reported revenue of $20.14 billion, up 3.6% over the same period last year. EPS came in at $1.52, compared to $1.37 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $20.03 billion, representing a surprise of +0.54%. The company delivered an EPS surprise of +8.57%, with the consensus EPS estimate being $1.40.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they com ...

Citigroup (C) came out with quarterly earnings of $1.52 per share, beating the Zacks Consensus Estimate of $1.40 per share. This compares to earnings of $1.37 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 8.57%. A quarter ago, it was expected that this U.S. bank would post earnings of $1.13 per share when it actually produced earnings of $1.58, delivering a surprise of 39.82%.Over the last four quarters, the company has surp ...

Key TakeawaysCitigroup on Friday reported second-quarter profit that exceeded expectations.The bank's net income jumped 10% year-over-year to $3.2 billion, or $1.52 per diluted share.Revenue increased 4% after a strong showing from the banking and trading businesses.Citi's operating expenses, in the spotlight after ending its restructuring program, declined 2%. Citigroup (C) on Friday reported second-quarter profit that beat analysts' estimates. Citi's net income of $3.2 billion was 10% higher than the year ...

About this content About Jamie Ashcroft Jamie Ashcroft, the News Editor for Proactive UK, has developed an impressive career in financial journalism, focusing on the small-cap sector for over fourteen years. Before joining the Proactive team, he was a stockbroker during the global financial crisis, a role that complemented his educational background - a first-class degree in Business and Economics and qualifications in software design and development. As one of the early external hires at Proactive in 20 ...