Citigroup (C) reported second-quarter net income of $2.92 billion, a decline of 36% from a year ago. Earnings per share was $1.33 compared to $2.19. Excluding divestiture-related impacts, earnings per share was $1.37 compared to $2.17. The company said the decline was primarily driven by higher expenses, higher cost of credit and lower revenues.
Analysts on average had expected the company to earn $1.30 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
Second-quarter revenues were $19.4 billion, compared to $19.6 billion, previous year. Analysts on average had estimated $19.27 billion in revenue. TTS revenues were up 15% driven by NII and NIR. Card revenues increased 15% from a year ago. Net interest income was $13.9 billion, an increase of 16% from prior year. Non-interest revenue was $5.54 billion, down 28%.
Expenses were up 9% year-over-year to $13.6 billion. Credit costs were $1.8 billion, up 43% from last year.
For fiscal 2023, Citigroup projects revenues, excluding divestiture-related impacts, in a range of $78 billion to $79 billion.
Citigroup plans to increase quarterly dividend in the third quarter to $0.53 from $0.51. The company will continue to make buyback decision on a quarter-by-quarter basis.
End-of-period loans were $661 billion, up 1% from prior year. End-of-period deposits were $1.3 trillion, largely unchanged from previous year. The company ended the second quarter with a CET1 ratio of 13.3%.
Shares of Citigroup are up 1% in pre-market trade on Friday.
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December 26, 2025 08:42 ET Third quarter economic growth data from some major economies including the U.S. were the main news in this holiday shortened week. GDP growth and industrial production data from the U.S. helped to boost morale, while the consumer confidence survey results were less upbeat. In Europe, the quarterly economic growth data from the U.K. drew attention, while the minutes of the Australian central bank’s latest policy session was in focus in Asia.