New York, July 14, 2026 – Citigroup Inc. today reported net income for the second quarter 2026 of $5.8 billion, or $3.15 per diluted share, on revenues of $24.8 billion. This compares to net income of $4.0 billion, or $1.96 per diluted share, on revenues of $21.7 billion for the second quarter 2025. Revenues increased 14% from the prior-year period, driven by growth in each of Citi's five interconnected businesses and Legacy Franchises in All Other, as well as the impact of foreign exchange translation, partially offset by a decline in Corporate/Other, also in All Other. Net income was $5.8 billion, compared to $4.0 billion in the prior-year period, driven by higher revenues and a lower provision for credit losses, partially offset by higher expenses. Earnings per share of $3.15 increased from $1.96 per diluted share in the prior-year period, reflecting higher net income and a lower share count due to share repurchases. Citigroup returned approximately $5.0 billion to common shareholders in the form of share repurchases and dividends during the quarter, at a payout ratio of 92%. The bank's Common Equity Tier 1 capital ratio stood at 12.8%, book value per share was $114.74 and tangible book value per share was $100.89. CEO commentary Citi chair and chief executive officer Jane Fraser said: "With net income up 45%, this was Citi's best quarterly revenue in a decade with double-digit revenue growth for the firm and in four out of our five businesses. Services delivered its highest ever quarterly revenue and a return of over 30%. In Markets, strong results in FX and spread products also show how much clients rely on our global network while Equities showed continued momentum with revenues up 45%. Banking revenues climbed 34% and we played a role in the majority of the top equity and debt issuances. Wealth revenues increased for the 9th straight quarter with almost two-thirds of Net New Investment Assets growth coming from deepening relationships with existing clients. Despite short-term headwinds from investments in our U.S. Consumer Cards portfolio, our resilient customer base kept fuelling underlying drivers: loan growth, higher spend and better credit performance than expected. "Our growing earnings generation will allow us to increase our planned dividend by 12% and we have launched our $30 billion buyback plan. The combination of our investments, disciplined execution and focus on clients is improving our returns and creating more durable results for our investors," Fraser concluded. Services Services revenues of $6.4 billion were up 18%, driven by growth in Treasury and Trade Solutions and Securities Services. Net interest income increased 18%, primarily driven by an increase in average deposit balances. Non-interest revenue increased 16%, primarily driven by continued momentum in fees and underlying drivers across the business, particularly cross-border transaction value and assets under custody and administration. Treasury and Trade Solutions revenues of $4.7 billion were up 18%, driven by a 20% increase in net interest income and a 13% increase in non-interest revenue. Securities Services revenues of $1.6 billion were up 16%, driven by a 21% increase in non-interest revenue and a 10% increase in net interest income. Services operating expenses of $2.8 billion increased 5%, driven by higher volume-related expenses, as well as higher performance-related and other compensation expenses. Services net income of $2.6 billion increased 51%, driven by higher revenues and a lower provision for credit losses, partially offset by higher expenses. Markets Markets revenues of $7.0 billion increased 17%, driven by growth in Equity markets and Fixed Income markets revenues. Fixed Income markets revenues of $4.7 billion increased 7%, driven by growth in spread products and other fixed income. Equity markets revenues of $2.3 billion increased 45%, driven by growth in derivatives on higher client activity and prime services. Prime balances were up nearly 60%. Markets operating expenses of $3.8 billion increased 8%, driven by higher performance-related compensation and volume-related expenses. Markets net income of $2.4 billion increased 32%, driven by higher revenues, partially offset by higher expenses. Banking Banking revenues of $1.9 billion increased 34%, driven by growth in Investment Banking, partially offset by a decline in Corporate Lending, excluding mark-to-market on loan hedges. Investment Banking revenues of $1.5 billion increased 44%, driven by growth in Debt Capital Markets and Equity Capital Markets, partially offset by a decline in Advisory. DCM revenues increased 65%, primarily driven by growth across both leveraged finance and investment grade. ECM revenues increased 92% amid very strong market conditions, driven by growth across products, with strength in initial public offerings and follow-ons. Advisory revenues decreased 4%, compared to strong performance in the prior-year period. Banking operating expenses of $1.2 billion increased 7%, driven by higher performance-related compensation and investments, as well as increased volume-related expenses. Banking net income of $350 million increased 276%, driven by higher revenues, partially offset by higher expenses and a higher provision for credit losses. Wealth Wealth revenues of $3.2 billion increased 13%, driven by growth across all businesses. Net interest income of $2.2 billion increased 18%, driven by higher deposit spreads and average deposit balances, partially offset by lower mortgage spreads. Citigold and Retail Banking revenues of $2.2 billion increased 17%, driven by higher deposit spreads and higher investment fee revenues. Private Bank revenues of $769 million increased 5%. Wealth at Work revenues of $227 million increased 3%. Wealth operating expenses of $2.4 billion increased 3%, driven by higher technology costs and performance-related compensation. Wealth net income of $583 million increased 51%, driven by higher revenues, partially offset by higher expenses and a higher provision for credit losses. U.S. Consumer Cards (USCC) USCC revenues of $4.5 billion increased 1%, driven by growth in net interest income, primarily offset by a decline in non-interest revenue. Net interest income increased 5%, driven by higher interest earning balances. USCC operating expenses of $1.8 billion increased 10%, driven by higher severance, customer engagement costs, and legal and marketing expenses. USCC net income of $852 million increased 12%, driven by a lower provision for credit losses and higher revenue, largely offset by higher expenses. All Other (managed basis) All Other (managed basis) revenues of $1.7 billion increased 1%, driven by growth in Legacy Franchises, offset by a decline in Corporate/Other. Legacy Franchises (managed basis) revenues of $2.1 billion increased 21%, driven by growth in Mexico, including momentum in the underlying businesses and the impact of Mexican peso appreciation, partially offset by continued lower revenues from closed exit and wind-down markets. All Other (managed basis) net loss was $923 million, compared to $552 million in the prior-year period, driven by lower revenues in Corporate/Other, partially offset by underlying growth in Mexico Consumer/SBMM net of amounts attributed to noncontrolling interests. Re-disseminated by The Asian Banker
