Citigroup beats Q1 2022 revenue and earnings consensus estimates

Citigroup Inc. (NYSE: C) has announced a net income of $4.3 billion or $2.02 per share in Q1 2022, beating analyst estimates of $1.55 per share. The company had revenue of $19.2 billion which equally beat consensus estimates of $18.15 billion. In the same quarter a year ago, the company had a net income of $7.9 billion or $3.62 per share in a revenue of $19.7 billion. CEO Jane Fraser said:

Financial results

The company reported high net interest income supported by the Personal Banking and Wealth Management (PBWM) and Services in Institutional Clients Group (ICG), partially offset by low non-interest revenue in various segments, resulting in a 2% drop in revenue compared to Q1 2021. ICG revenue was $11.2 billion, driven by investment banking, while services revenue increased 15% to $3.4 billion, with markets revenue dropping 2% to $5.8 billion.

On the other hand, lower revenues, higher expenses, and high cost of credit resulted in a 46% YoY decline in net income to around $4.3 billion. During the quarter Citi reported Asia Consumer divesture-associated impacts of around $677 million as part of Legacy Franchises.

The decreased net income, partially offset by a 6% fall in outstanding shares, resulted in $2.02 per share earnings, down 44% from Q1 2021. Fraser added: