Citigroup delivered its strongest quarter in a decade, reporting second-quarter profit of $5.83 billion, a 45% jump from a year earlier, as trading and dealmaking activity powered revenue past Wall Street expectations.
Revenue rose to $24.77 billion, the bank's highest since 2016, beating the $23.66 billion analysts had forecast. Earnings per share of $3.15 exceeded the consensus estimate. Investment banking revenue climbed 44% to $1.55 billion, bolstered by the bank's role underwriting SpaceX's $75 billion initial public offering and advising on the $44.8 billion combination of Unilever and McCormick's food businesses. Equities trading revenue surged 45%, while credit-loss provisions fell 12% to $2.52 billion.
Chief Executive Jane Fraser announced a 12% dividend increase and a $30 billion share repurchase program, calling it Citi's best revenue quarter in ten years. The bank's CET1 capital ratio stood at 12.8% with a return on tangible common equity of 13%.