Citigroup Q1 Profit Beats Estimates - Quick Facts

Citigroup Inc. (C) reported first quarter earnings per share of $1.05 compared to $1.87, prior year. On average, 19 analysts polled by Thomson Reuters expected the company to report profit per share of $1.04, for the quarter. Analysts' estimates typically exclude special items. Net income was $2.5 billion, declined 46% driven by the higher cost of credit, partially offset by the higher revenues and a lower effective tax rate.

First quarter revenues were $20.7 billion, up 12% primarily reflecting the higher revenues in Fixed Income and Equity Markets, as well as the benefit of mark-to-market gains on loan hedges in Corporate Lending. Analysts expected revenue of $19.01 billion for the quarter.

Citigroup's end-of-period deposits were $1.2 trillion as of quarter end, an increase of 15% from the prior-year period. In constant dollars, end-of-period deposits increased 17%.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The Federal Communications Commission or FCC has granted SpaceX Services, Inc. authorization to use its Starlink satellite internet system on vehicles in motion. SpaceX, owned by Elon Musk, is allowed to operate consumer and enterprise Ku-band Earth Stations in Motion or ESIM using frequencies allocated to the fixed satellite service. The approval would help the company to expand its services to Loud Muscle Science, LLC is recalling certain Launch Sequence products in the United States and Canada citing the presence of undeclared Tadalafil, the U.S. Food and Drug Administration said. These tainted Launch Sequence Capsule products are marketed as dietary supplements for male sexual enhancement. The U.S. Food and Drug Administration announced the intended availability of around 17 million bottles equivalent of general infant formula to be imported from New Zealand and Ireland. Under the FDA's enforcement discretion to source more infant formula to the U.S., French food company Danone SA will send 555,000 cans Aptamil Gold Plus from New Zealand.
Follow RTT