Banking giant Citigroup Inc. (NYSE: C) reported higher revenues and profit for the first quarter of fiscal 2026. The numbers also beat analysts’ estimates.
Revenues increased 14% to $24.6 billion in the first quarter from $21.6 billion in the same period last year, driven by growth in each of the company’s five interconnected businesses and favorable foreign exchange translation. Revenue came in above estimates.
Net income for the first quarter was $5.8 billion or $3.06 per share, compared to $4.1 billion or $1.96 per share in the prior-year quarter. The bottom line growth reflects higher revenues and a lower effective tax rate, partially offset by higher expenses and a higher provision for credit losses. Earnings topped expectations.
Citigroup CEO Jane Fraser said, “We’re off to an exceptionally strong start in 2026, with revenue up 14% and net income growing 42%. Services had an outstanding quarter with revenue up 17%, and Markets crossed $7 billion in revenue. Banking continued to build momentum with fees up 12% amid a record first quarter in M&A.”