Citigroup second quarter 2016 earnings per share of $1.24

Net income of $4.0 billion, revenues of $17.5 billion, earnings per share of $1.24 for Citigroup in second quarter 2016.

citigroup quarter 2016Citigroup Inc. reported net income for the second quarter 2016 of $4.0 billion, or $1.24 per diluted share, on revenues of $17.5 billion. This compared to net income of $4.8 billion, or $1.51 per diluted share, on revenues of $19.5 billion for the second quarter 2015.

Second quarter 2015 included CVA/DVA4 of $312 million ($196 million after-tax). Excluding CVA/DVA in the prior year period, revenues decreased 8% from the prior year period, and earnings per diluted share decreased 14% from $1.45 per diluted share in the prior year period.

These results demonstrate our ability to generate solid earnings in a challenging and volatile environment, again highlighting the resilience of our institution. Nearly all of our net income came from our core businesses and we continued to reduce non-core assets in Citi Holdings. We significantly improved our efficiency ratio, return on assets and return on tangible common equity from the first quarter. We also grew loans in both our consumer and institutional businesses, reduced expenses, and utilized additional deferred tax assets, bringing the total utilized to $10 billion over the last four years. This utilization fuels our ability to generate regulatory capital and, with the Fed’s non-objection to our capital plan, I am pleased that we will significantly increase the amount of capital returned to our shareholders over the next year” said Michael Corbat, Chief Executive Officer of Citi.