C
Citi showed up to the earnings call wearing its best suit
Citigroup’s first quarter was basically a victory lap. Net income hit $5.8 billion, revenue climbed 14% year over year to $24.6 billion, and EPS landed at $3.06. Not exactly “we’re hanging on,” more like “we brought receipts.”
The engine room is humming
A few spots in the business did the heavy lifting:
- Services revenue rose 17%
- Markets revenue topped $7 billion, with equities up nearly 40% and fixed income up 13%
- Banking fees grew 12%, helped by ECM revenue jumping more than 60%
- Wealth revenue climbed 11%
- U.S. consumer cards revenue edged up 4%
That’s the kind of broad-based growth that tells you this wasn’t just one lucky lane on the highway. Citi also said deposits grew 16% and assets under custody and administration jumped more than 20%, which is banker-speak for “customers are still showing up.”
The capital return machine is still on
Citi repurchased $6.3 billion of stock during the quarter and said it’s nearing the finish line on its $20 billion buyback plan. Its CET1 ratio came in at 12.7%, which leaves a healthy cushion above regulatory minimums. Translation: the bank has room to keep returning cash without looking like it’s white-knuckling the wheel.
The fine print still matters
Expenses rose 7% to $14.3 billion, and the macro backdrop is still cloudy enough to make any bank executive reach for the coffee. Management flagged uncertainty around inflation and Middle East tensions, plus the ongoing Banamex divestiture story that could eventually lead to an IPO in 2027.
Big picture: Citi’s still in “prove it” mode, but this quarter says the turnaround has some real muscle behind it.