Breaking News: Citigroup (C) Reports Record-Breaking Earnings for Q1 2024

Breaking News: Citigroup (C) Reports Record-Breaking Earnings for Q1 2024



Citigroup exceeds first-quarter revenue⁣ expectations

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

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