Citi posts higher Q2 revenues and profit, lifts dividend

12th Jul 2024 11:09

(Sharecast News) - Citigroup posted higher quarterly revenues and profit, alongside an increased dividend.

"We have made an incredible amount of progress in simplification - both strategically and organizationally. We are modernizing our infrastructure to improve our client service and automating processes to strengthen controls," Citigroup boss Jane Fraser said.

"We will continue to execute our transformation and our strategy so we can meet our medium-term targets and continue to further improve our returns over time."

For the three months ending on 30 June, the lender posted a 4% rise in net revenues to reach $20.14bn, driven by Banking, US Personal Banking, and Markets.

Included in that figure was a $400m gain from the Visa B exchange that completed during the quarter.

Operating expenses fell 2% to $13.35bn.

Net credit losses on the other hand jumped by 52% to $2.28bn.

Yet net income for the period was ahead by 10% to $3.22bn, with earnings per share improving from $1.33 in the year ago period to $1.52.

Citigroup's common equity tier one ration meanwhile edged up from 13.4% to 13.6%.

The lender announced a 6% increase in its dividend.

As of 1333 BST shares of Citigroup were jumping 3.93% to $68.29.