nvesting.com - Citigroup reported better-than-expected earnings for the first quarter, but its equity division drove revenues lower, settling below consensus.
The bank reported earnings per share of $1.87 on revenue of $18.58 billion. Analysts polled by forecast EPS of $1.80 on revenue of $18.61 billion.
At 8:34 AM ET (12:34 GMT), shares in Citigroup (NYSE:C) gained 0.3% at $67.65 in premarket trade following the report.
Citi said that that the 2% decrease in revenues from a year earlier, was “largely driven by lower revenues in Equity Markets as well as mark-to-market losses on loan hedges”. Revenue from equity trading was down 24% to $842 million.
The bank highlighted that its 2% increase in net income was driven by a reduction in expenses and a lower effective tax rate although the performance was partially offset by lower revenues and higher cost of credit. First-quarter EPS rose 11% from the same period a year earlier.
“Our earnings reflect the progress we are making to improve our return on and return of capital,” Chief Executive Office Michael Corbat said in the press release. “We remain committed to executing our strategy and continuing to make steady progress towards our financial targets.”
Citigroup follows other major Financial sector earnings this month
Earlier on Monday, Goldman Sachs reported earnings per share of $5.71 on revenue of $8.81 billion. Analysts polled by forecast EPS of $4.89 on revenue of $8.93 billion.
On Friday, JPMorgan reported first quarter EPS of $2.65 on revenue of $29.85 billion, compared to forecasts of EPS of $2.35 on revenue of $28.44 billion.
Wells Fargo&Co earnings beat analysts' expectations on Friday, with first quarter EPS of $1.2 on revenue of $21.61 billion. analysts expected EPS of $1.11 on revenue of $20.99 billion.
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