Citigroup beats on earnings as fixed income business soars

Citigroup beat second-quarter earnings Friday thanks in part to its soaring fixed income business.

The bank reported quarterly earnings of $1.28 per share, eclipsing Wall Street estimates of $1.22 per share.

"During the quarter, we saw
continued momentum in our
businesses, with loan and
revenue growth across both sides
of the house," Citi CEO Michael Corbat said. "Our Global
Consumer Bank posted revenue
growth in all three regions. Our
Institutional Clients Group had a
very strong quarter all-around,
including its best Investment
Banking performance in seven
years.

Here are the key numbers:

• Net income of $3.9 billion, or $1.28 per share.
• Revenues of $17.9 billion, beating analysts estimates of $17.4 billion.
• Fixed income paced the strong quarter with earnings of $3.21 billion, beating analysts' prediction of $2.98 billion.
• Global consumer banking posted revenues of $8 billion, a 5% increase.
• End of period loans were $645 billion, up 2% from the prior year.