Citigroup surpassed analysts’ expectations with its first-quarter revenue, driven by strong performance in investment banking and trading activities.
Key highlights of the company’s performance compared to estimates from LSEG, previously known as Refinitiv, include:
Earnings: $1.86 per share (adjusted) compared to the expected $1.23 per shareRevenue: $21.10 billion versus the anticipated $20.4 billion
The bank reported a 27% decline in profit from the previous year to $3.37 billion, or $1.58 per share, attributed to increased expenses and credit costs. Adjusted for FDIC charges, restructuring, and other expenses, Citi earned $1.86 per share according to LSEG calculations.
Revenue decreased by 2% to $21.10 billion, primarily due to the impact of divesting an international business in the prior year.
Noteworthy was the 35% increase in investment banking revenue to $903 million in the quarter, fueled by higher debt and equity issuance, surpassing the $805 million StreetAccount estimate.
However, fixed income trading revenue declined by 10% to $4.2 billion, slightly exceeding…
2024-04-12 15:57:32
Originally published on www.cnbc.com
