Before the opening bell on Wednesday, Citigroup Inc and Wells Fargo & Co released their second-quarter financial results. According to Reuters, the following are the most important takeaways.
“Quarterly sales $17.47 billion; quarterly share $2.85.”
“The common stock tier 1 capital ratio at the end of the quarter was 11.9 percent, compared to 11.8 percent at the end of the first quarter.”
“Operating expenses for the quarter were $11.19 billion, up from $10.46 billion last year.”
“Quarterly net credit losses were $1.32 billion, compared to $2.16 billion the previous year.”
“In the first quarter, tangible book value per share was $77.87, up from $75.50 in the first quarter.”
“The quarterly efficiency ratio was 64 percent, up from 57.3 percent in the first quarter.”
“$6.0 billion in net income, or $1.38 per diluted share.”
“The credit quality remained extraordinarily high.”
“Total revenue for the quarter was $20,270 million.”
“In Q2 2021, the reserve for credit losses decreased by $1.6 billion, or $0.30 per share.”
“While we expect charge-offs to rise at some time, we continue to see positive trends across the board.”
“Non-interest expense for the quarter was $13,341 million, compared to $14,551 million in Q2 2020.”
“The sale of student loans resulted in a $147 million gain and a $79 million write-down of related goodwill in Q2 2021.”
“At quarter’s end, we had a 13.6 percent return on equity, compared to a negative 10.2 percent last year.”
“Total average loans were $854.7 billion in Q2 2020, compared to $971.3 billion in Q2 2020.”
Provision for credit losses dropped by $10.8 billion in the third quarter.”
“Low interest rates and sluggish loan demand were headwinds throughout the quarter.”
“Net interest income for the second quarter was $8,800 million, down from $9,892 million in the second quarter of 2020.”/n
