ADVERTISEMENT
ADVERTISEMENT

Citi beats, profits jump 13% (C)

Citigroup is set to announce first-quarter earnings results.

Citigroup announced its first-quarter earnings results Friday morning.

The bank reported earnings of $1.68, beating analysts' expectations of adjusted earnings per share of $1.61. That's a more than 24% increase from last year.

The impressive growth was "driven by growth in both the Institutional Clients Group (ICG) and Global Consumer Banking (GCB), partially offset by lower revenues in Corporate / Other primarily due to the continued wind-down of legacy assets," the bank said in a statement.

Here are the key numbers:

ADVERTISEMENT
  • Revenue:
  • $18.9 billion, 3% increase from last year.
  • Adjusted net income:
  • $4.
  • Card purchases:
  • Trading:

“Our first quarter results demonstrate strength and balance across our franchise and position us well for the rest of the year. We grew revenue across both our institutional and consumer businesses and delivered solid, client-led revenue gains in areas we have been investing in such as Citibanamex, TTS, Equities and the Private Bank," chief executive Michael Corbat said.

The fourth-quarter of 2017, by comparison, was noisy and uneven thanks in part to the new tax law, which caused many banks to book one-time losseson repatriated cash and deferred tax assets that declined in value.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Here's everything to know about being a virgin on your wedding night

Here's everything to know about being a virgin on your wedding night

7 do's and don’ts of the Holy month of Ramadan

7 do's and don’ts of the Holy month of Ramadan

Top 5 sweetest celebrity mother-child relationships that stand out for us

Top 5 sweetest celebrity mother-child relationships that stand out for us

International Women's Day: 5 Nigerian female celebrities championing women’s rights

International Women's Day: 5 Nigerian female celebrities championing women’s rights

Top 5 female directors in Nollywood

Top 5 female directors in Nollywood

6 things that will break a Muslim's fast during Ramadan

6 things that will break a Muslim's fast during Ramadan

5 benefits of fasting during Ramadan

5 benefits of fasting during Ramadan

5 reasons Easter was more fun when we were children

5 reasons Easter was more fun when we were children

Dos and don’ts of supporting Muslims during Ramadan

Dos and don’ts of supporting Muslims during Ramadan

ADVERTISEMENT
ADVERTISEMENT