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Citigroup (C) earnings Q1 2024
Citigroup on Friday posted first-quarter revenue that topped analysts’ estimates, helped by better-than-expected results in the bank’s investment banking and trading operations.Here’s how the company performed, compared with estimates from LSEG, formerly known as Refinitiv:Earnings: $1.86 per share, adjusted, vs. $1.23 expectedRevenue: $21.10 billion vs. $20.4 billion expectedThe bank said profit fell 27% from a year earlier to $3.37 billion, or $1.58 a share, on higher expenses and credit costs. Adjusting for the impact of FDIC charges as well as restructuring and other costs, Citi earned $1.86 per share, according to LSEG calculations.Revenue slipped 2% to $21.10 billion, mostly driven by the impact of selling an overseas business in the year-earlier period.Investment banking revenue jumped 35% to $903 million in the quarter, driven by rising debt and equity issuance, topping the $805 million StreetAccount estimate.Fixed income trading revenue fell 10% to $4.2 billion, edging out the $4.14 billion estimate, and equities revenue rose 5% to $1.2 billion, topping the $1.12 billion estimate.The bank also posted an 8% gain to $4.8 billion in revenue in its Services division, which includes businesses that cater to the banking needs of global corporations, thanks to rising deposits and fees.Shares of the bank fell nearly 2% Friday.Citigroup CEO Jane Fraser previously said that her sweeping corporate overhaul would be complete by March, and that the firm would give an update to severance expenses along with first-quarter results.»Last month marked the end to the organizational simplification we announced in September,» Fraser said in the earnings release. «The result is a cleaner, simpler management structure that fully aligns to and facilitates our strategy.Last year, Fraser announced plans to simplify the management structure and reduce costs at the third-biggest U.S. bank by assets. The bank on Friday reiterated its medium term targets for returns hitting at least 11% and generating at least $80 billion in revenue this year.JPMorgan Chase reported results earlier Friday, and Goldman Sachs reports on Monday.Don’t miss these exclusives from CNBC PRO
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