Financial services giant Citigroup released its quarterly figures for the second quarter of 2022 yesterday. quarter 2021.
Last quarter revenue was $19.6 billion. Earnings per share (EPS) increased from $2.85 in Q2 2021 to $2.19 in Q2 2022. Among growing business segments, the institutional client group saw the biggest jump, with revenue increased by nearly 20% year-on-year in the last quarter.
In the second quarter of 2022, net interest income jumped due to strong volumes across Institutional Clients and Retail Banking and Wealth Management.
“While the world has changed since our Investor Day in March, our strategy has not changed, and we are executing it with discipline and urgency. Treasury and Commerce Solutions fired full steam ahead as clients took advantage of our global network, leading to the best quarter this company has had in a decade. Transaction volatility continued to create strong activity for our enterprise clients, driving 25% revenue growth in the markets. While economic sentiment has clearly had an impact on investment banking and wealth management, we continue to invest in these companies, and we like the direction they are taking,” commented Jane Fraser, CEO of Citigroup.
Overall in the US Personal Banking segment, Citi saw decent growth, primarily due to a jump of around 10% in branded cards.
Macroeconomic environment
In the quarterly report, Fraser also highlighted the impact of difficult macroeconomic and geopolitical conditions. According to the CEO of Citigroup, the company aims to generate significant capital for its investors.
“In a challenging macroeconomic and geopolitical environment, our team delivered strong results and we are well positioned to weather uncertain times given our liquidity, credit quality and reserve levels. I am particularly pleased with the strength of our capital,” said Fraser.
Financial services giant Citigroup released its quarterly figures for the second quarter of 2022 yesterday. quarter 2021.
Last quarter revenue was $19.6 billion. Earnings per share (EPS) increased from $2.85 in Q2 2021 to $2.19 in Q2 2022. Among growing business segments, the institutional client group saw the biggest jump, with revenue increased by almost 20% year-on-year in the last quarter.
In the second quarter of 2022, net interest income jumped due to strong volumes across Institutional Clients and Retail Banking and Wealth Management.
“While the world has changed since our Investor Day in March, our strategy has not changed, and we are executing it with discipline and urgency. Treasury and Commerce Solutions fired full steam ahead as clients took advantage of our global network, leading to the best quarter this company has had in a decade. Transaction volatility continued to create strong activity for our enterprise clients, driving 25% revenue growth in the markets. While economic sentiment has clearly had an impact on investment banking and wealth management, we continue to invest in these companies, and we like the direction they are taking,” commented Jane Fraser, CEO of Citigroup.
Overall in the US Personal Banking segment, Citi saw decent growth, primarily due to a jump of around 10% in branded cards.
Macroeconomic environment
In the quarterly report, Fraser also highlighted the impact of difficult macroeconomic and geopolitical conditions. According to the CEO of Citigroup, the company aims to generate significant capital for its investors.
“In a challenging macroeconomic and geopolitical environment, our team delivered strong results and we are well positioned to weather uncertain times given our liquidity, credit quality and reserve levels. I am particularly pleased with the strength of our capital,” said Fraser.
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