Citigroup: Q1 profit falls by less than expected

(CercleFinance.com) - On Friday, Citigroup reported a 27% contraction in Q1 earnings, a much smaller drop than the market had anticipated.


The US bank, which recently completed an extensive restructuring plan, posted net income of $3.4bn for Q1, compared with $4.6bn a year earlier.

EPS fell to $1.58 from $2.19 a year ago, although well ahead of the $1.11 consensus.

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

Under the leadership of CEO Jane Fraser, last September Citi embarked on major restructuring to streamline and simplify its structures in order to facilitate the implementation of its strategy.

With this organizational simplification now behind us and a good quarter under our belt, we have started this crucial year on the right foot, management said.

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


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