Citigroup Q1 revenue and profits beat expectations

citi dl canary wharf london uk banks finance wall street city — Courtesy of Citi

Citigroup Inc.

$63.58

09:25 05/11/24

1.98%

$1.24

Citigroup beat first-quarter profit and revenues expectations on Thursday as the banking giant benefited from surging volatility amid the Ukraine war.

Total earnings fell 46% to $4.3bn, or $2.02 per share, on higher expenses and credit costs and lower revenue, but still beat expectations for EPS of $1.55.

Although revenues slipped 2%, they still smashed estimates for a print of $18.15bn at $19.19bn.

"In markets, our traders navigated the environment quite well, aided by our mix, with strong gains in [foreign exchange] and commodities," said chief executive Jane Fraser. "However, the current macro backdrop impacted investment banking as we saw a contraction in capital market activity."

As of 1415 BST, Citigroup shares were up 1.42% at $50.86 per share.