Citigroup reported rising net income and better-than-expected revenue for the first quarter, boosting its stock in premarket trading Friday.
Here is how Citigroup’s key metrics compared to expectations.
- $4.6 billion in net income versus $4.3 billion in the same period last year
- $21.45 billion in revenue versus $19.986 billion expected, according to Refinitiv.
Citigroup reported earnings of $2.19 per share for the quarter. It was not clear how comparable that number is to estimates, but it appeared to be a solid beat.
Shares of the bank rose more than 2%.
One key area that investors will be looking for is how Citigroup changes its allowance for loan losses, which can be a sign of how a bank’s management views the state of the economy. Citigroup reported a total cost of credit of $1.98 billion, slightly above the $1.89 billion provision for credit losses expected by analysts, according to Street Account.
The bank’s deposit flows are likely to be a key topic on the call with shareholders and analysts. After the failure of Silicon Valley Bank and Signature Bank last month, many expect that largest banks will have higher deposits from customers who pulled their money out of regional banks.
Investors will also be looking for more information about CEO Jane Fraser’s turnaround plan. Fraser took over Citigroup in 2021, and her efforts so far have included exiting the retail banking business in some overseas markets.
As of Thursday, Citigroup’s stock was up more than 4% year to date, which was outperforming some of its key peers like JPMorgan Chase and Bank of America.
