Citigroup posts Q1 $3.06 EPS, $24.6B revenue at 10-year high
Citigroup just posted a strong first quarter, earning $3.06 per share, well above what analysts predicted.
The bank's revenue hit a 10-year high at $24.6 billion, thanks to big jumps in market activity fueled by global tensions and shifting asset prices.
Investors seemed happy, with Citigroup shares rising 1.4% before the market opened.
Citigroup trading surge boosts fees
Trading was a major highlight: equity markets revenue soared 39%, especially from derivatives and cash equities, while fixed income trading rose 13% on strong commodities performance.
Investment banking also had a good run, with equity underwriting fees up 64% and M and A advisory fees up 19%.
On the retail side, wealth and retail banking grew by 11%.
CEO Jane Fraser sounded upbeat about hitting annual targets despite ongoing restructuring, saying confidently, "We are confident that we will deliver on our annual return on tangible common equity target of 10-11%."