Finance

Citigroup Q1 Result Tops Estimates, Net Interest Income Up 23%

04/15/2023
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  • Citigroup Inc (NYSE: C) reported first-quarter FY23 net revenue growth of 12% year-over-year to $21.45 billion, beating the consensus of $20.03 billion.

  • Net interest income increased 23% Y/Y to $13.35 billion, and non-interest income decreased 3% Y/Y to $8.1 billion.

  • EPS for Q1 was $2.19, above the consensus of $1.67.

  • Revenue increased 6%Y/Y, and EPS was $1.86, excluding the divestiture-related impacts.

  • Institutional Clients Group revenue increased by 1% Y/Y to $11.2 billion, with Services +29% Y/Y, Markets -4% Y/Y, and Banking -38% Y/Y.

  • Personal Banking and Wealth Management revenue increased by 9% Y/Y to $6.4 billion, with US Personal Banking at +18% Y/Y and Global Wealth Management at -9% Y/Y.

  • Legacy Franchises’ revenues increased 48% Y/Y to $2.9 billion, driven by the gain on the sale of the India consumer business.

  • Net income for the quarter was $4.61 billion, a jump of 7% Y/Y. Operating expenses stood at $13.3 billion, an increase of 1% Y/Y.

  • Also Read: JPMorgan, Citigroup: How The Options Market Is Factoring In Potential Moves Ahead Of Q1 Results Tomorrow

  • Total allowance for credit losses on loans was ~$17.2 billion, with a reserve-to-funded loans ratio of 2.65%, compared to $15.4 billion, or 2.35% of funded loans in 1Q22.

  • Citigroup’s end-of-period loans were $652 billion at quarter end, down 1% Y/Y. Deposits were ~$1.3 trillion at quarter end, essentially unchanged from the prior year.

  • Citigroup’s book value per share of $96.59 (+5% Y/Y), and tangible book value per share of $84.21 (+7% Y/Y) at quarter end.

  • “We closed the sale of two consumer franchises, which contributed to our healthy pace of capital generation. We ended the quarter with a CET1 ratio of 13.4%. We are committed to increasing the amount of excess capital we return over time as well as delivering with excellence for our clients and shareholders,” commented CEO Jane Fraser.

  • Also Read: Major Bank Profits Surge More Than Expected In Q1, Drawing Customer Deposits From Smaller Players

  • Price Action: C shares are trading higher by 1.37% at $47.95 premarket on Friday.

  • Photo Via Company

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Source: https://finance.yahoo.com/news/citigroup-q1-result-tops-estimates-152647827.html