U.S. commercial bank Citigroup (C) has reported first quarter financial results that beat Wall Street estimates on the top and bottom lines.
The New York-based financial institution announced earnings per share (EPS) of $3.06 U.S., which topped the $2.65 U.S. forecast among analysts.
Revenue in the first three months of this year totaled $24.63 billion U.S., which beat the $23.55 billion U.S. expected on Wall Street.
The latest results marked Citigroup’s best quarterly revenue in a decade. The bank’s profit was up 56% from a year earlier.
Citigroup’s return on tangible common equity, a measure of profitability, came in at 13.1%, the highest level since 2021 and above the bank’s own goal of 10% to 11%.
The bank said it got a boost from its multi-year turnaround effort that saw it divest overseas businesses and refocus on the U.S. market.
Citigroup’s markets division was a big driver of the first-quarter results, with its fixed income division gaining 13% to $5.2 billion U.S. in revenue. Equities jumped 39% to $2.1 billion U.S.
Revenue from equity underwriting increased 17% in the quarter to $6.1 billion U.S. and surpassed Wall Street’s forecasts.
The bank’s provision for credit losses was higher than expected due to net credit losses in consumer cards. Overall expenses were higher by 7% due to severance package payouts.
Citigroup’s stock has risen 100% in the last 12 months to trade at $126.28 U.S. per share.
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