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Citi profit jumps 42% as market volatility lifts trading revenue
Market volatility lifted trading revenue 19% and helped Citi post its highest quarterly revenue in a decade, CEO Jane Fraser said.
- On Tuesday, Citigroup reported first-quarter profit of $5.8 billion, or $3.06 per share, alongside its highest quarterly revenue in a decade at $24.6 billion.
- Market volatility fueled by geopolitical tensions in the Middle East drove total markets revenue up 19% to $7.2 billion, boosting trading performance across asset classes.
- Hot dealmaking activity increased banking division revenue by 15%, while fees in equity underwriting surged 64% during the quarter, reflecting strong investment banking momentum.
- CEO Jane Fraser stated the bank remains "very much on track to deliver the 10-11% RoTCE target this year," after posting a 13.1% return on tangible common equity.
- Citigroup shares have risen 104.9% over the past 12 months, outperforming Wall Street peers as the turnaround effort under Fraser continues to drive investor confidence.
27 Articles
27 Articles
Citigroup Surges as Fraser’s Overhaul Yields 42% Profit Growth
Three banks, three dovetailing and diverging narratives. JPMorgan Chase, Wells Fargo and Citigroup, three of America’s biggest lenders, reported first-quarter results Tuesday, with a resilient US economy boosting profits across the board. One stood out for all the right reasons. A Tale of Three Lenders First, there’s the perfectly solid. Revenue at JPMorgan Chase, the largest US bank, rose 10% year-over-year to $49.8 billion, and net profit rose…
US bank Citigroup posted $24.6 billion (€20.9 billion) in revenue in the first quarter of this year, the highest quarterly revenue in a decade, business television CNBC reports. Net income was $5.8 billion (€4.9 billion), or $3.06 per share.
U.S. Bank reports profit for US$ 3.06, above the estimates of US$ 2.63 analysts
Citi Reports Best Quarterly Revenue In A Decade
Citigroup reported stronger-than-expected first-quarter results, driven by robust performance in its trading business, particularly fixed income. The bank posted earnings of $3.06 per share and revenue of $24.63 billion, both exceeding Wall Street estimates. This marked Citigroup’s highest quarterly revenue in a decade, with earnings per share rising 56% year on year.According to CEO Jane Fraser, the bank’s restructuring efforts are nearing comp…
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