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Citigroup Inc (NYSE:C) posted better-than-expected earnings for its first quarter on Friday.
Citigroup reported a first-quarter fiscal 2024 revenue decline of 2% year-over-year to $21.10 billion, beating the consensus of $20.39 billion. GAAP EPS of $1.58 beat the consensus of $1.20, according to data from Benzinga Pro.
Services revenue grew 8% year over year to $4.77 billion, mainly due to higher net interest income across Treasury and Trade Solutions (TTS) and Security Services. Markets revenue declined by 7% Y/Y to $5.38 billion, driven by a decline in Fixed Income.
The total allowance for credit losses on loans was $18.3 billion, with a reserve-to-funded loans ratio of 2.75%, compared to $17.2 billion, or 2.65% of funded loans, at the end of the prior-year period.
Net income of $3.4 billion decreased 27% year over year, primarily due to higher expenses and credit costs. Operating expenses stood at $14.2 billion, an increase of 7% year over year.
Citigroup reiterated fiscal 2024 adjusted revenue outlook of $80.00 billion—$81.00 billion vs. the consensus of $73.69 billion.
Citigroup shares fell 0.6% to trade at $59.33 on Monday.
These analysts made changes to their price targets on Citigroup following earnings announcement.
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Posted In: C