Citigroup: Q1 earnings more than triple
(CercleFinance.com) - Citigroup has reported net income that more than tripled over the first three months of 2021 to 7.
9 billion dollars, or 3.62 dollars per share, an increase that the company attributes to lower credit costs.
At 19.3 billion dollars, the financial institution's revenues actually contracted by 7%, with revenue growth in investment banking and equity markets being more than offset by negative factors such as low interest rates.
However, Citigroup still has strong capital levels, with a CET1 solvency ratio of 11.7%, stable compared to the previous quarter, and highlights the resumption of its share buybacks, with 23 million shares repurchased..
Copyright (c) 2021 CercleFinance.com. All rights reserved.
9 billion dollars, or 3.62 dollars per share, an increase that the company attributes to lower credit costs.
At 19.3 billion dollars, the financial institution's revenues actually contracted by 7%, with revenue growth in investment banking and equity markets being more than offset by negative factors such as low interest rates.
However, Citigroup still has strong capital levels, with a CET1 solvency ratio of 11.7%, stable compared to the previous quarter, and highlights the resumption of its share buybacks, with 23 million shares repurchased..
Copyright (c) 2021 CercleFinance.com. All rights reserved.