Citigroup Inc (NYSE:C) released its Q1 2018 earnings results before opening bell this morning. Citigroup earnings amounted to $1.68 per share on $18.9 billion in revenue, compared to the consensus estimates of $1.61 per share and $18.9 billion in revenue. In the same quarter a year ago, Citigroup earnings amounted to $1.35 per share on $18.4 billion in revenue.
Citigroup earnings for Q1 2018
Citigroup said its institutional clients group and global consumer banking segments drove the 3% increase in total revenue year over year, although lower corporate and other revenue partially offset the gains from those divisions. Although investment banking and fixed income markets revenue declined, Citigroup recorded increases in treasury and trade solutions revenue, private bank revenue, corporate lending, equity markets and securities services, which offset those declines in the institutional clients group
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The firm reported $9.85 billion in revenue from its institutional clients group, an increase from the $9.3 billion reported a year ago. Analysts had been expecting $9.77 billion. Global consumer banking revenue rose to $8.4 billion, which was in line with the consensus estimate.
Markets and Securities services revenues grew 3% year over year to $5 billion. Equity markets revenue surged 38% year over year to $1.1 billion, while fixed income markets revenue declined 7% to $3.4 billion. Securities services revenue increased 16% to $641 million. Corporate and other revenues tumbled 51% year over year to $591 million, driven by the wind-down of the firm’s legacy assets.
Corbat: Market has been “uneven”
“While market conditions have been uneven so far this year, our first quarter results show our ability to deliver for both clients and shareholders and we look forward to sustaining this momentum for the balance of the year,” Chief Executive Michael Corbat said in a statement on the Citigroup earnings release.
Citigroup’s book value per share was $71.67, while its tangible book value per share was $61.02.
Following the release of the Citigroup earnings results for Q1 2018, the firm’s stock climbed by about 1% to as high as $72.80 in premarket trades this morning.