Shares of Citigroup (NYSE:C) are up 1.5% today after the bank said it recorded revenue of $19.19 billion in Q1.
This is 2.4% lower YoY, though topping the expected $18 billion. The bank reported a Q1 EPS of $2.02.
Citi also reported better-than-expected FICC sales & trading revenue for Q1. The bank posted FICC sales & trading revenue of $4.3 billion, down from 1.1% in the year-ago period and above the consensus estimates of $3.98 billion.
“Net release included a $1.9 billion ACL build related to Citi’s exposures in Russia and the broader impact of the conflict in Ukraine on the macroeconomic environment,” Citi said.
Earnings also reflect the Asia Consumer divestiture-related costs of about $677 million ($588 million after-tax), Citi said.
“Current macro backdrop impacted investment banking as we saw a contraction in capital market activity. This remains a key area of investment for us,” said Citi CEO Jane Fraser.
“We continue to see the health and resilience of the U.S. Consumer through our cost of credit and their payment rates.”
“While geopolitics dampened performance in Wealth Management, we are hiring bankers, enhancing our client offerings and continuing to add clients in both the Private Bank and Citigold,” she added.
By Senad Karaahmetovic