Citigroup Inc.: 2Q26 EPS REVIEW: Strong 1H26 results raise questions around unchanged 2026 outlook

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Citigroup Inc.: 2Q26 EPS REVIEW: Strong 1H26 results raise questions around unchanged 2026 outlook

Equity Research

U.S. Large-Cap Banks

14 July 2026

Citigroup Inc.

2Q26 EPS REVIEW: Strong 1H26

results raise questions around

C OVERWEIGHTunchanged 2026 outlook

Unchanged

EPS beat as NII (aided by trading) followed by provision (NPA U.S. Large-Cap Banks POSITIVE

down) were better than anticipated. Fees, expenses and tax Unchanged

rate approximated forecasts. Its 2026 outlook was Price Target USDUnchanged154.00

unchanged. Despite 13% in 1H, it kept its 2026 ROTCE guide Price (14-Jul-26) USD 133.27

at 10-11% owing to step-up in 2H spend. We believe upside is Potential Upside/Downside +15.6% Source: Bloomberg, Barclays Research

feasible.

Market Cap (USD mn) 227302

Shares Outstanding (mn) 1705.58

Free Float (%) 99.66

Executive Summary 52 Wk Avg Daily Volume (mn) 13.7

Bottom line: EPS beat as net interest income (aided by trading) followed by its provision for Dividend Yield (%) 1.80

credit losses (NPAs lower) were better than expected. Its fee income, expenses, and tax rate Return on Equity TTM (%) 8.45

approximated forecasts. Despite a strong start to the year, C maintained its full-year 2026 Current BVPS (USD) 114.74

outlook, including NII ex-Markets growth of 5–6% (+7% y-o-y in 1H26), higher fee income, an Source: Bloomberg

efficiency ratio of ~60% (58% in 1H26), and ROTCE of 10–11% (13% in 1H26). Looking to 2H26, C

plans to ramp up investment spending to capitalize on growth opportunities, including pulling Price Performance Exchange-NYSE

forward certain investments. Expenses in 2H26 are also expected to be impacted by additional 52 Week range USD 147.96-86.22

severance costs associated with ongoing productivity initiatives. It further noted that Markets