Citigroup says its first-quarter earnings tripled to $7.88 billion compared with the year-ago quarter
ByThe Associated Press
April 15, 2021, 12:23 PM
• 1 min read
NEW YORK -- Citigroup Inc. said Thursday that first-quarter earnings tripled to $7.88 billion compared with the year-ago quarter.
The bank, based in New York, said it had earnings of $3.62 per share, up from $1.06 per share in the first quarter of 2020.
The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $2.56 per share.
The U.S. bank posted revenue of $21.7 billion in the period. Its revenue net of interest expense was $19.33 billion, which also beat Street forecasts but fell below year-ago revenue of $20.7 billion. Five analysts surveyed by Zacks expected revenue of $18.91 billion.
Citigroup shares have risen 18% since the beginning of the year, while the S&P’s 500 index has risen roughly 10%. The stock has increased 61% in the last 12 months.
This story was generated partly using information from Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on C at https://www.zacks.com/ap/C