Citigroup's first-quarter profit tumbles 46% as bank sets aside more money for loan losses [CNBC]
FactSet Research Systems Inc. (FDS)
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Source: CNBC
CitigroupHere's how the company did in the first quarter:: $1.05 per share vs $1.87 per share in the year-earlier periodThe company noted that revenue was up 12% because of higher fixed-income and equity trading. Revenue from the bank's fixed-income trading division surged 39% year over year to $4.8 billion. That's well above a StreetAccount estimate of $3.99 billion. Equity-trading revenue also jumped 39% to $1.2 billion, surpassing an estimate of $1.04 billion.Citigroup shares fell 3.5% in the premarket.Wall Street had anticipated earnings per share of $1.04 on revenue of $19 billion based on Refinitiv consensus estimates."Our earnings for the first quarter were significantly impacted by the COVID-19 pandemic," CEO Michael Corbat said in a statement. "The deteriorating economic outlook and the transition to the new Current Expected Credit Loss standard (CECL) caused us to build significant loan loss reserves."The bank's consumer banking division posted a net loss of $754 million for
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FDS
Earnings
- 3/21/24 - Beat
FDS
Sec Filings
- 4/3/24 - Form 8-K
- 4/3/24 - Form 10-Q
- 4/1/24 - Form 4
- FDS's page on the SEC website