- ORIGINAL NEWS
Citigroup tops estimates for first-quarter revenue on better-than-expected Wall Street results
- SUMMARY
Citigroup, one of the largest banks in the United States, recently released its financial results for the first quarter of 2023.
Despite facing challenges such as higher expenses and credit costs, the company managed to surpass analysts’ expectations in terms of revenue.
Earnings per share came in at $1.58, while total revenue reached $21.10 billion.
These figures exceeded the estimates of $1.23 and $20.4 billion, respectively.
The increase in revenue was primarily driven by strong performance in the trading division.
However, Citigroup reported a 27% decline in profits compared to the same period last year, resulting in earnings of $3.37 billion.
The main factors contributing to this decrease were increased expenses and provisions for credit losses.
Citigroup’s CEO, Jane Fraser, has been implementing a comprehensive restructuring plan over the past few months.
She announced the completion of this simplification process in March, streamlining the bank’s management structure and aiming to reduce costs.
Analysts are now focusing on whether Citigroup will be able to maintain its earlier guidance for the full year.
They will also be closely monitoring the performance of other major banks such as JPMorgan Chase and Goldman Sachs, which will be reporting their financial results soon.
- NEWS SENTIMENT CHECK
- Overall sentiment:
neutral
Positive
“Citigroup on Friday posted first-quarter revenue that topped analysts’ estimates, helped by better-than-expected trading revenue.”
“Revenue: $21.10 billion vs. expected $20.4 billion”
Negative
“The bank said profit fell 27% from a year earlier to $3.37 billion, or $1.58 a share, on higher expenses and credit costs.”
“Revenue slipped 2% to $21.10 billion, mostly driven by the impact of selling an overseas business in the year-earlier period.”