Citigroup (Citi) has
reported first quarter net income of $2.99 bn, down almost 33% from
the corresponding period a year ago.
Citi’s total revenue in
the first quarter fell 22% year-on-year to $19.7bn.
Go deeper with GlobalData
The year over year
decline was mainly driven by lower revenues in Fixed Income Markets
and US-based regional retail banking.
Total group assets
declined by 3% to $1.95trn; deposits were 5% ahead at $865.9bn at
group level but in the US, retail deposits slipped by 0.5% to
$143.6bn
Credit continued to
improve during the quarter, as Citi’s net credit losses declined
for the seventh consecutive quarter to $6.27bn, down almost 25%
year-on-year.
Citi’s non-corp business
unit, Citi Holdings, witnessed a 33% fall in assets to $337bn while
Citi Holdings’ revenues of $3.3bn were 50% lower than the prior
year period, reflecting the continued decline in assets.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataCiti’s international
retail unit posted revenue of $4.6bn, an 8% increase; net income at
the unit rose by 1% to $1.0bn. Deposits rose by 13% to $163bn while
lending was 14% ahead at $126bn.
Release of Citi’s first
quarter results coincided with news that it plans to augment its
current 1,000-strong-US branch network by 200 outlets by the end of
2013.
Citi will open an
additional 100 branches in California and New York and with another
100 outlets elsewhere in the US.
