Citigroup: Quarterly profit falls less than expected

( – Citigroup announced on Friday a 27% contraction in its profit in the first quarter, a decline significantly less pronounced than the fall that was anticipated by the market.

The American bank, which recently completed a vast restructuring plan, posted a net profit of $3.4 billion over the first three months of the year, compared to $4.6 billion a year earlier.

On a per share basis, its earnings per share fell to $1.58 from $2.19 a year ago, but far exceeded the consensus of $1.11 established by analysts.

Net banking income fell by 2% to $21.1 billion, while the market was expecting revenues of $18.8 billion.

Under the leadership of its Managing Director Jane Fraser, Citi began a vast reorganization last September intended to lighten and simplify its structures in order to facilitate the implementation of its strategy.

‘With this simplification of the organization now behind us and a good quarter under our belt, we have started this crucial year on the right foot,’ declared the business leader.

Citigroup shares gained 1.5% in pre-opening trading on Wall Street after the publication of these results.

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