Citigroup Inc and Wells Fargo & Co reported the second-quarter earnings figures ahead of the opening bell on Wednesday. Below are key takeaways as reported by Reuters.
Citigroup Inc
"Quarterly share $2.85; quarterly revenue $17.47 billion."
"Quarter-end common equity tier 1 capital ratio of 11.9% vs 11.8% at Q1-end."
"Quarterly operating expenses $11.19 billion vs $10.46 billion last year."
"Quarterly net credit losses $1.32 billion vs $2.16 billion last year."
"Quarterly tangible book value per share $77.87 vs $75.50 in Q1."
"Quarterly efficiency ratio 64% vs 57.3% in Q1."
Wells Fargo & Co
"Net income of $6.0 billion, or $1.38 per diluted share."
"Credit quality continued to be exceptionally strong."
"Quarterly total revenue $20,270 million."
"Q2 2021 results included$1.6 billion, or $0.30 per share, decrease in allowance for credit losses."
"While we expect charge-offs will increase at some point, we continue to see strong trends in all of our businesses."
"Quarterly non-interest expense $13,341 million vs $14,551 million in Q2 2020."
"Q2 2021 results included $147 million gain on sale of student loans and $79 million write-down of related goodwill."
"Return on equity of 13.6 % at quarter-end vs negative 10.2% last year."
"Quarterly total average loans were $854.7 billion vs $971.3 billion in Q2 2020."
"Quarterly provision for credit losses decreased $10.8 billion."
"Headwinds of low interest rates and tepid loan demand remained in quarter."
"Quarterly net interest income $8,800 million vs $9,892 million in Q2 2020."
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