Jane Fraser, CEO of Citigroup, attends a listening to on Annual Oversight of Wall Road Corporations earlier than the Senate Committee on Banking, Housing, and City Affairs in Washington, D.C., the US, on Dec. 6, 2023.
Tom Williams | Cq-roll Name, Inc. | Getty Photos
Citigroup on Tuesday posted first-quarter outcomes that exceeded analysts’ estimates because the agency’s merchants generated extra income than anticipated.
This is what the corporate reported:
Earnings: $1.96 per share vs. $1.85 per share LSEG estimateRevenue: $21.60 billion, vs. $21.29 billion anticipated
The financial institution mentioned revenue rose 21% to $4.1 billion, or $1.96 per share, on greater income and decrease bills from the year-earlier interval. Companywide income climbed 3% to $21.60 billion because the agency cited positive aspects in its 5 main divisions.
Shares of the lender rose 3%.
CEO Jane Fraser mentioned the financial institution was persevering with to earn credibility with buyers and that she stays targeted on executing on her technique, which features a various set of companies that “will carry out in all kinds of macro situations.”
She additionally appeared to deal with latest issues in regards to the U.S. economic system which have surfaced as President Donald Trump sought to restructure offers with America’s buying and selling companions.
“When all is claimed and accomplished, and longstanding commerce imbalances and different structural shifts are behind us, the U.S. will nonetheless be the world’s main economic system, and the greenback will stay the reserve foreign money,” Fraser mentioned.
Citigroup’s mounted revenue merchants generated $4.5 billion in income on heightened exercise in markets for currencies and authorities bonds, 8% greater than a yr earlier and topping the $4.33 billion StreetAccount estimate.
Equities merchants noticed income rise 23% to $1.5 billion, topping the $1.4 billion estimate, as “elevated market volatility” and better consumer exercise led to extra transactions.
JPMorgan Chase, Morgan Stanley and Goldman Sachs every exceeded analysts’ estimates on a increase in equities buying and selling income because the banks took benefit of volatility within the quarter.
Shares of Citigroup have dropped 10% this yr amid a broad sell-off in banks associated to Trump’s tariff insurance policies.
