Bitcoin price today: gains to $120k, near record high on U.S. regulatory cheer
Investing.com - Citigroup (NYSE:C) has reported higher-than-anticipated first-quarter results, as it followed a trend set by other Wall Street lenders in logging a sharp, volatility-driven uptick in equities trading revenue.
In a statement, CEO Jane Fraser also unveiled a relatively sanguine outlook for the U.S. economy, after other industry executives warned that President Donald Trump’s aggressive tariff policy could dent growth, depress earnings, and make it more difficult for businesses to plan for the future.
"When all is said and done, and longstanding trade imbalances and other structural shifts are behind us, the U.S. will still be the world’s leading economy, and the dollar will remain the reserve currency," Fraser said.
Still, she added that Citi is attempting to help clients navigate "an uncertain environment."
Quarterly equity market revenues soared by 23% from the year-ago period to $1.5 billion, topping estimates, as the unit was bolstered by increased market volatility and higher client activity. Fears around the impact of Trump’s levies -- including concerns from many economists that the changes could cause the U.S. to slide into a recession -- have fueled ructions in global financial markets in recent weeks. Citi’s equity market performance trailed those notched by rivals like JPMorgan Chase (NYSE:JPM) and Morgan Stanley (NYSE:MS), but was ahead of Bank of America.
Fixed income trading revenues also increased by 8% to $4.5 billion. Analysts had seen the figure at $4.36 billion.
Total (EPA:TTEF) first-quarter revenues, net of interest expense, rose by 3% to $21.60 billion, versus Bloomberg consensus expectations of $21.28 billion.
Net income increased to $4.1 billion, up from $3.4 billion in the prior-year timeframe, thanks to lower expenses and higher revenues that helped offset a rise in provisions for credit losses due to a "deterioration in the macroeconomic outlook." This translated to earnings per share of $1.96, which was above projections of $1.84.
Shares in Citigroup were higher in premarket U.S. trading on Tuesday.