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Abstract:Citigroup, one of the largest global financial services providers, recently released its results for the first quarter of 2022 (Q1 2022). For the reported period, Citigroup saw a net income of $4.3 billion, which is 46% lower compared to the same period last year.
Revenues for the recent quarter came in at $19.2 billion.
EPS dipped by almost 44% compared to the same period last year.
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Revenues reached $19.2 billion in Q1 2022, compared to $19.7 billion in Q1 2021. In terms of EPS, the figure dropped by 44% to $2.02 in the recent quarter. Citigroups operating expenses surged by nearly 15% during the mentioned period.
Despite the latest dip in overall revenues, Citigroups Services revenues jumped by 15% YoY to $3.4 billion. Banking revenues witnessed a sharp decline of 32% in Q1 2022 as the figure reached $1.7 billion.
“While the geopolitical and macro environment has become more volatile, we are executing the strategy we announced at our recent Investor Day. Given our emphasis on Services, I am particularly pleased with our performance in Treasury and Trade Solutions. Securities Services also performed well, with revenue up 6%. However, the current macro backdrop impacted Investment Banking as we saw a contraction in capital market activity. This remains a key area of investment for us,” Citis CEO Jane Fraser commented.
Fixed Income Markets
In the first quarter of 2022, Citigroups revenues related to Fixed Income Markets saw a marginal decline of 1%. According to the financial services provider, decent growth was observed across FX and commodities.
“Markets revenues of $5.8 billion were down 2% versus a strong quarter in the prior year. In the quarter, activity levels benefited from client repositioning and strong risk management, driven by the Federal Reserves interest rate increases and overall geopolitical and macroeconomic uncertainty. Fixed Income Markets revenues of $4.3 billion decreased 1%, as strong client engagement in FX, commodities, and rates were offset by less activity in spread products,” Citi added in its quarterly earnings report.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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