Citigroup reported mixed first-quarter results on Monday, saying its earnings were boosted by share buybacks while revenues fell amid a sharp decline in equities trading.
Here’s how the company’s results measured up to analyst forecasts:
- Earnings: $1.87 per share vs $1.80 expected by Refinitiv
- Revenue: $18.576 billion vs $18.634 billion forecast
- Fixed-income, currencies and commodities trading revenue: $3.452 billion vs $3.05 billion expected by StreetAccount
- Equities trading: $842 million vs $930 million
- Investment banking revenue: $1.354 billion vs $1.2 billion forecast
The bank repurchased $4.06 billion in shares in the first quarter and returned $1.08 billion to shareholders through common-stock dividends.
“Our earnings reflect the progress we are making to improve our return on and return of capital,” CEO Michael Corbat said in a release. “We remain committed to executing our strategy and continuing to make steady progress towards our financial targets.”
Citigroup’s earnings for the quarter were 11% higher on a year-over-year basis. However, the company’s overall revenue fell 2% following a sharp slowdown in its equity trading business.
Equity-trading revenue fell 24% in the first quarter. Citigroup said the drop reflected “lower market volumes and client financing balances.” The sharp decline was partially offset by a 20% revenue surge in investment banking revenue.
Citigroup shares fell 0.9% after the banking giant released its results.
Also Monday, Goldman Sachs reported first-quarter earnings that beat analysts’ estimates but revenue dropped 13%.
On Thursday, Citi announced the retirement of President Jamie Forese, who was considered a potential successor to Corbat.
J.P. Morgan and Wells Fargo both reported quarterly earnings on Friday that topped analyst expectations.