Citigroup Inc. said Wednesday its second-quarter revenue skyrocketed thanks to an increasingly intense view of consumer health.
The bank published an earnings of $6.19 billion, or $2.85 per share, compared to $1.06 billion, or $0.38 per share a year previously. That topped the $1.97 per share that analysts had expected, according to FactSet.
Income fell 12% to $17.47 billion. That still topped analysts expectations of $17.22 billion.
“The rate of the worldwide healing is exceeding earlier expectations and with it, customer and business self-confidence is rising,” Chief Executive Jane Fraser said in a release.
A year ago, Citigroup and other huge banks were socking away funds to get ready for huge losses on loans to services and consumers. Those losses havent materialized, and banks have actually been diminishing their rainy-day funds. In the 2nd quarter, Citigroup released up about $2.4 billion in loan-loss reserves, increasing its earnings.