Citigroup first quarter revenues jump above expectations as costs fall
US banking giant Citigroup said its first quarter profit rose 16%, on the back of a drop in legal and restructuring costs.
Citigroup Inc.
$59.14
11:10 19/04/24
The group’s earnings per share amounted to $1.52, a 23.5% increase year-on-year and higher than analysts’ expectations.
Revenue for the period fell 1.59% to $19.81bn (£13.35bn), slightly below the consensus estimate of $19.82bn.
"While some businesses faced revenue headwinds, we grew loans and deposits in our core businesses and gained wallet share among our target clients," group chief executive Mike Corbat said in a statement on Thursday.
The bank, the US third-biggest lender by assets, has been undergoing a restructuring process, selling retail operations in a number of countries and reducing its US branch network.
Legal and restructuring costs dropped sharply, falling to $403m in the three months to end of March, compared with $1.16bn in the corresponding period a year ago.
Citigroup shares were up 1.82% to $54.18 at 15:29 BST on Thursday.