In the first quarter, Citigroup recorded earnings per share of $3.06, surpassing the analyst estimate of $2.64 and up from $1.96 a year earlier.
The bank generated revenue of $24.63 billion, which exceeded the analyst estimate of $23.53 billion and increased from $21.6 billion a year earlier.
The quarterly net interest income increased 12 percent, driven by growth across each of Citi’s five businesses and Legacy Franchises, partially offset by a decline in Corporate/Other. Non-interest revenue increased 17 percent, driven by growth across each of Citi’s five businesses.
Citigroup’s end-of-period deposits were approximately $1.4 trillion at quarter end, up 10 percent versus the prior-year period, driven by increases in Services.
Citi Chair and CEO Jane Fraser, commented, “We’ve entered into the final phase of our divestitures and 90 percent of our Transformation programs are now at or near our target state. We remain very much on track to deliver the 10-11 percent RoTCE target this year.”
