Banking behemoth Citigroup Inc. (NYSE: C) Friday reported a lower in income and internet revenue for the primary quarter of 2024. Nevertheless, the numbers got here in above analysts’ estimates.
Internet revenue for the March quarter was $3.4 billion or $1.58 per share, in comparison with $4.6 billion or $2.19 per share within the corresponding interval final yr. Earnings, in the meantime, topped expectations.
The underside line was negatively impacted by larger bills, larger price of credit score, and decrease revenues. Whole revenues decreased 2% yearly to $21.1 billion however got here in above consensus estimates.
“Last month marked the end to the organizational simplification we announced in September. The result is a cleaner, simpler management structure that fully aligns to and facilitates our strategy,” stated Citi’s CEO Jane Fraser.