Warning: exif_imagetype(https://payspacemagazine.com/wp-content/uploads/2024/04/citigroup-posts-first-quarter-revenue.jpg): failed to open stream: Connection refused in /home/deploy/sites/payspacemagazine.com/wp-includes/functions.php on line 3314

Warning: file_get_contents(https://payspacemagazine.com/wp-content/uploads/2024/04/citigroup-posts-first-quarter-revenue.jpg): failed to open stream: Connection refused in /home/deploy/sites/payspacemagazine.com/wp-includes/functions.php on line 3336

Warning: exif_imagetype(https://payspacemagazine.com/wp-content/uploads/2024/04/citigroup-posts-first-quarter-revenue.jpg): failed to open stream: Connection refused in /home/deploy/sites/payspacemagazine.com/wp-includes/functions.php on line 3314

Warning: file_get_contents(https://payspacemagazine.com/wp-content/uploads/2024/04/citigroup-posts-first-quarter-revenue.jpg): failed to open stream: Connection refused in /home/deploy/sites/payspacemagazine.com/wp-includes/functions.php on line 3336
News

Citigroup Posts First-Quarter Revenue

Citigroup reported earnings for the first quarter of 2024.

Citigroup Posts First-Quarter Revenue

The mentioned financial institution published the specified information on Friday, April 12. The lender’s results for the first quarter are negative, but at the same time, the corresponding indicators turned out to be better than preliminary expectations. To a large extent, the lender’s figures for the period from January 1 to March 31 are due to investment banking and trading operations that exceeded forecasts.

The profit of the financial institution for the first quarter amounted to $3.37 billion. This indicator decreased by 27% compared to the result for the same period last year. Earnings per share for the first quarter were $1.86. LSEG experts expected this figure to be equal to $1.23. The profit of the financial institution for the first quarter fell due to rising expenses and an increase in the cost of credits.

According to LSEG calculations, taking into account the impact of FDIC charges, restructuring, and other costs, Citi earned $1.86 per share.

The revenue of the financial institution for the first quarter amounted to $21.10 billion. This indicator decreased by 2% compared to the result for the same period of last year. The mentioned figure was significantly impacted by the sale of a financial institution’s overseas business.

The bank’s revenue generated as a result of investment activities in the first quarter amounted to $903 million. This indicator showed an increase of 35% year-on-year. The result of the lender’s investment activity was significantly affected by an increase in the issuance of debt obligations and equities. StreetAccount experts predicted that this figure would amount to $805 million.

The bank’s revenue from fixed-income trading in the first quarter fell by 10% year-on-year to $4.2 billion. At the same time, the consensus forecast of analysts provided that the corresponding figure would be $4.14 billion.

The revenue of the financial institution from operations with equities in the first quarter amounted to $1.2 billion. This indicator showed an increase of 5% compared to the result for the same period last year. The consensus forecast of analysts provided that the bank’s revenue from operations with equities in the first quarter would amount to $1.12 billion.

The revenue of the unit of the financial institution specializing in the provision of banking services, increased by 8% year-on-year in the first quarter, amounting to $4.8 billion. This result is largely due to an increase in deposits and fees. The mentioned unit includes divisions catering to the banking needs of global corporations.

Against the background of news about the earnings of a financial institution in the first quarter, the price of its shares showed a decrease of less than 1%.

Jane Fraser, CEO of Citi, noted in the bank’s profit and loss statement for the first quarter that last month was the period of the final stage of the implementation of the organizational simplification process. The financial institution announced this concept of internal restructuring in September 2023. According to Jane Fraser, organizational simplification has resulted in a cleaner and simpler management structure that is fully consistent with Citi’s business strategy and facilitates its implementation. Also, the head of the financial institution last year announced her intention to reduce costs.

Citi is currently the third-largest bank in the United States.

As we have reported earlier, Citi and LuminArx Introduce Financing Tool for Private Lending Market.

Serhii Mikhailov

3066 Posts 0 Comments

Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.