C - Citi beats Street estimates in fiscal Q1

2024-04-12 08:11:02 ET

Citigroup Inc (NYSE: C) is trading up in premarket on Friday after reporting market-beating financial results for its first quarter.

This is a developing story. Check back in a few minutes for more updates!

Investors are cheering because net interest income printed at billion – ahead of $13.62 billion that experts had forecast.

An % and % annualised growth in fixed income and equities revenues also topped Street estimates. Jane Fraser – the chief executive of Citigroup said in a press release today:

Last month marked the end to organizational simplification. It will help us execute our Transformation where we’ve made good progress as we retire multiple legacy platforms, streamline end-to-end processes, and strengthen our risk and control environment.

The quarterly report arrives more than a month after invested in an AI startup called Glean as Invezz reported here . Shares of Citi are currently up close to 20% versus their year-to-date low.

Earned $3.4 billion versus the year ago $4.6 billion

Per-share earnings also narrowed from $2.19 to $1.58

CET1 capital ratio came in at 13.5% as per the earnings report

Revenue inched down 2.0% year-on-year to $21.1 billion

Consensus was $1.23 a share on $20.4 billion in revenue

Return on equity (ROE) stood at 6.6% in the first quarter

Citi reported a 3.0% annualised increase in loans while deposits slipped 2.0% in its first financial quarter. CEO Fraser also said on Friday:

With revenue up 8%, Services continues to perform well and generate very attractive returns. Markets bounced back from a tough final quarter in 2023 with good client activity in Equities and Spread Products.

This is a developing story. Check back later for more updates!

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