Citigroup (C) Tops Q1 EPS by $1.02
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(Updated - April 15, 2021 8:01 AM EDT)
Citigroup (NYSE: C) reported Q1 EPS of $3.62, $1.02 better than the analyst estimate of $2.60. Revenue for the quarter came in at $19.3 billion versus the consensus estimate of $18.82 billion.
Jane Fraser, Citi CEO, said, “It’s been a better than expected start to the year, and we are optimistic about the macro environment. We are committed to serving our clients through the recovery and positioning the bank for a period of sustained growth. “We reported record net income driven by strong performance in our Institutional Clients Group and a significant release from our Allowance for Credit Losses, as a result of the improving economic outlook. While Global Consumer Banking revenues were down quarter-over-quarter as a result of the pandemic, this is the healthiest we have seen the consumer emerge from a crisis in recent history. “Our capital levels remained strong and stable, allowing us to respond to the needs of our clients and return capital to our shareholders. At 11.7%, our Common Equity Tier One Ratio was unchanged from the fourth quarter and we resumed the repurchase of common stock, which we had voluntarily paused at the onset of the pandemic.
For earnings history and earnings-related data on Citigroup (C) click here.
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