Citigroup Inc 2Q 2017, Wells Fargo & Co 2Q 2017 Earnings Reported

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Citigroup Inc 2Q 2017, Wells Fargo & Co 2Q 2017 Earnings Reported
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The Citigroup 2Q 2017 and Wells Fargo 2Q 2017 earnings reports were released before opening bell this morning. Citigroup posted $1.28 per share in earnings on $17.9 billion in revenue, compared to $1.24 per share in earnings on $17.5 billion in revenue in last year’s second quarter. Analysts had been looking for $1.21 per share and $17.4 billion in revenue.

Wells Fargo reported $1.07 per share in earnings, compared to the consensus of $1.01 per share, on $22.2 billion in revenue, against the consensus of $22.5 billion. In last year’s second quarter, the bank reported $1.01 per share in earnings on $22.2 billion in revenue.

Citigroup 2Q 2017 earnings

Citigroup 2Q 2017

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Citigroup said growth in its Institutional Clients Group and Global Consumer Banking divisions drove the 2% year over year increase in revenue. However, lower Corporate & Other revenues as the company continued to wind down some of its legacy assets partially offset that growth.

Allowance for loan losses fell to $12 billion from $12.3 billion in last year’s second quarter. End of period loans were up 2% year over year to $645 billion, while deposits grew 2% to $959 billion. Global Consumer Banking revenues grew 5% to $8 billion. Institutional Clients Group revenues increased 6% to $9.2 billion. The bank’s trading revenue fell 4% year over year, while fixed income trading revenue fell 6%. Equity market trading revenue grew 11%, and investment banking revenue grew 22%.

Following the Citigroup 2Q 2017 earnings report, the bank’s stock was little changed, hovering around $67.05 in premarket trades.

Wells Fargo 2Q 2017 earnings

Wells Fargo 2Q 2017
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Wells Fargo’s net interest income amounted to $12.5 billion, compared to the consensus of $12.8 billion. Total average deposits grew 5% year over year to $1.3 trillion, while total average loans ticked 1% higher to $956.9 billion. Net interest income grew to $12.5 billion, while investment securities grew to $409.6 billion. Community Banking revenue fell to $3 billion from $3.2 billion last year, while Wholesale Banking revenue grew to $2.4 billion. Wealth and Investment Management revenue increased to $682 million.

After the Wells Fargo 2Q 2017 earnings report, the bank’s stock declined by as much as 1.08% to $55 in premarket trades.

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