Citigroup posts revenue decline in first quarter as profit tops estimates
Citigroup Inc. shares C, +2.29% were slightly higher in premarket trade Monday, after the bank posted a decline in revenue for the first quarter. The company said it had net income of $4.7 billion, or $1.87 a share, in the quarter, up from $4.6 billion, or $1.68 a share, in the year-earlier period. Revenue came to $18.6 billion, down from $18.9 billion a year ago. The FactSet consensus was for EPS of $1.80 and revenue of $18.6 billion. "Both our consumer and institutional businesses performed well and we saw good momentum in those areas where we have been investing, such as U.S. Branded Cards, Treasury and Trade Solutions, and Investment Banking," Chief Executive Michael Corbat said in a statement. Global consumer banking revenue edged up to $8.451 billion from $8.426 billion, institutional clients group revenue fell to $9.694 billion from $9.855 billion and corporate/other revenue came to $431 million, down from $591 million. Loan loss provisions came to $12.3 billion, down from $12.4 billion. The bank had $682 billion in loans as of quarter end, up 1% from a year ago. Fixed income trading revenue rose 1% to $3.5 billion, while equity markets revenue fell 24% to $842 million. Shares have fallen 5.1% in the last 12 months, while the Dow Jones Industrial Average DJIA, +1.03% has gained 8.4% and the S&P 500 SPX, +0.66% has gained 9.5%.
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