Citigroup Earnings Preview: What to Expect

New York-based Citigroup Inc. (C) is a globally diversified financial services holding company. Valued at $121.05 billion by market cap, the company provides a range of financial products and services, such as consumer banking and credit, corporate and investment banking, securities brokerage, trade and securities services, and wealth management, to consumers, corporations, governments, and institutions. The banking behemoth is expected to announce its fiscal second-quarter earnings for 2024 before the market opens on Friday, July 12.

Ahead of the event, analysts expect C to report a profit of $1.40 per share on a diluted basis, up 2.2% from $1.37 per share in the year-ago quarter. The company has consistently surpassed Wall Street’s EPS estimates in its last four quarterly reports. In the previous quarter, C’s total revenues, net of interest expense, declined 2% year over year to $21.10 billion but beat the consensus estimate of $20.30 billion. Its Q1 EPS decreased 28% year over year to $1.58 but surpassed the Wall Street estimates of $1.13. Higher expenses and credit costs were responsible for the year-over-year decline in its EPS.