US EditionCiti 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.
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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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