Banking behemoth Citigroup Inc. (NYSE: C) Friday reported a decrease in revenue and net income for the first quarter of 2024. However, the numbers came in above analysts’ estimates.
Net profit for the March quarter was $3.4 billion or $1.58 per share, compared to $4.6 billion or $2.19 per share in the corresponding period last year. Earnings, meanwhile, topped expectations.
The bottom line was negatively impacted by higher expenses, higher cost of credit, and lower revenues. Total revenues decreased 2% annually to $21.1 billion but came 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,” said Citi’s CEO Jane Fraser.