Citigroup Inc (NYSE: C) reported its first quarter
results Thursday morning.
Citigroup said it earned $1.35 per share in the first
quarter on revenue of 18.1 billion; analysts were expecting the company to earn $1.24 per share on revenue of $17.8 billion.
Net income for the quarter rose from $3.5 billion a year ago to $4.1 billion while Citigroup's book value per share rose 6
percent to $75.86 and tangible book value per share rose 5 percent to $65.94.
See Also: JPMorgan Inches
Higher On Q1 Beat
Citi CEO Michael Corbat said, "The momentum we saw across many of
our businesses towards the end of last year carried into the first quarter, resulting in significantly better overall performance
than a year ago. Revenues increased in both our consumer and institutional lines of business, most notably in areas where we have
been investing such as Equities, U.S. Cards and Mexico. We grew loans and deposits and achieved an efficiency ratio of just under
58%, an ROA of 91bps and a ROTCE ex-DTA of over 10%, showing good progress towards achieving our near-term financial targets."
Here is a summary of the performance of Citigroup's units.
- Global Consumer Banking: Revenue rose 3 percent (1 percent in constant dollars) from a year ago to $7.8 billion while net
income fell 16 percent to $1.0 billion as higher revenuers were more than offset by higher cost of capital.
- Institutional Clients Group: Revenue rose 16 percent from a year to $9.1 billion driven by gains in both Banking and Markets
and Securities Services.
- Corporate/Other: Revenue fell 40 percent from a year ago to $1.2 billion due to legacy asset run-off and divestiture
activities and lower revenue from treasury-related hedging activities.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.