Citigroup results exceed analysts' estimates on gains in fixed income and equities trading
CEO Jane Fraser said Tuesday the bank was continuing to earn credibility with investors and that she remains focused on executing on her strategy
Citigroup on Tuesday posted first-quarter results that exceeded analysts' estimates as the firm's traders generated more revenue than expected.
Here's what the company reported:
- Earnings: $1.96 per share vs. $1.85 per share LSEG estimate
- Revenue: $21.60 billion, vs. $21.29 billion expected
The bank said profit rose 21% to $4.1 billion, or $1.96 per share, on higher revenues and lower expenses from the year-earlier period.
Companywide revenue climbed 3% to $21.60 billion as the firm cited gains in its five major divisions.
CEO Jane Fraser said the bank was continuing to earn credibility with investors and that she remains focused on executing on her strategy, which includes a "diversified business mix and will perform in a wide variety of macro scenarios."
She also seemed to address recent concerns about the U.S. economy that have surfaced as President Donald Trump sought to restructure deals with America's trading partners.
"When all is said and done, and longstanding trade imbalances and other structural shifts are behind us, the U.S. will still be the world's leading economy, and the dollar will remain the reserve currency," Fraser said.
JPMorgan Chase, Morgan Stanley and Goldman Sachs each exceeded analysts' estimates on a boom in equities trading revenue as the banks took advantage of volatility in the quarter.
Shares of Citigroup have dropped 10% this year amid a broad selloff in banks related to President Donald Trump's tariff policies.
This story is developing. Please check back for updates.
This story originally appeared on: CNBC - Author:Hugh Son
