Citigroup (NYSE:C) reported a net income of $5.8 billion and earnings per share of $3.15 for the second quarter of 2026, marking its best quarterly revenue in a decade at $24.8 billion. Total revenues grew 14% year-over-year, while expenses rose 5% to $14.2 billion. The return on tangible common equity (ROTCE) stood at 13%. CEO Jane Fraser indicated broader revenue growth across four out of five key business segments, but cautioned that second-half results could face seasonal impacts and increased investment spending.
The Services business achieved its highest quarterly revenue ever, with an 18% increase, while Markets revenue rose 17%, exceeding $7 billion. Banking revenue surged 34%, driven by a 44% rise in investment banking. Citigroup’s Wealth business recorded its ninth consecutive quarter of growth with a total revenue increase of 13% and net investment asset flows of $15.7 billion in the quarter. The company plans a $30 billion stock repurchase commitment and expects to increase dividends by 12% starting in Q3, pending board approval.
As of the end of the quarter, Citigroup’s common equity tier 1 ratio was 12.8%. The company is pacing its annual ROTCE target between 10% and 11% for 2026, while forecasting a net interest income growth of 5% to 6%. Citigroup closed the sale of its consumer business in Poland and continues to divest its stake in Banamex, with expectations to fully deconsolidate ownership by early 2027.
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