Banking behemoth Citigroup Inc. (NYSE: C) reported an increase in first-quarter net profit amid a 12% growth in revenues. The results also exceeded analysts’ forecasts.
Citigroup reported a net income of $4.6 billion or $2.19 per share for the first three months of fiscal 2023, compared to $4.3 billion or $2.02 per share in the corresponding period of last year. The latest number beat the market’s forecast. Total revenues increased 12% annually to $21.4 billion and exceeded estimates.
“Our robust and well-managed balance sheet was a source of strength for our clients and we continue making progress in executing our strategy focused on our five core interconnected businesses while simplifying and transforming the firm,” said Citi’s CEO Jane Fraser.