Citigroup reported second quarter results before the open on Tuesday 14 July. Diluted earnings per share of $3.15 beat every one of the 20 analyst estimates Bloomberg tracks, against a consensus near $2.70. Net income rose 45 percent to $5.8 billion, and revenue rose 14 percent to $24.8 billion, the bank’s best quarterly revenue in a decade. Expenses came in at $14.2 billion, and return on tangible common equity was 13 percent for the quarter and 13.1 percent for the half. 

Four of the five businesses beat estimates. Services set a revenue record with returns above 30 percent. Banking revenue rose 34 percent, with investment banking up 44 percent to $1.55 billion, equity capital markets up 92 percent and debt capital markets up 65 percent. Equities trading rose 45 percent to $2.3 billion as prime balances grew about 60 percent. Wealth revenue rose for a ninth consecutive quarter. US Personal Banking supplied the one miss, with costs up 10 percent, partly on severance. 

Management held full-year guidance of 5 to 6 percent net interest income growth excluding markets and an efficiency ratio near 60 percent, kept the return on tangible common equity target at 10 to 11 percent, and flagged a 12 percent dividend increase for the third quarter alongside the $30 billion buyback program, of which $4 billion was executed in the quarter. CET1 stood at 12.8 percent. CEO Jane Fraser pointed to double-digit growth across the firm; CFO Mark Mason said the bank is “still playing catch-up in equities” relative to peers. 

The stock fell about 1 percent on the day. Citigroup shares had run hard into the print, and a clean sweep of estimate beats bought no further gains on the session.