Citigroup beat earnings and revenue estimates last quarter, reporting its best revenue in a decade after strong increases across all segments.
Revenue was up 14% year-over-year to US$24.63 billion, surpassing LSEG consensus estimates of $23.55 billion. Earnings per share rose 56% to $3.06, above estimates of $2.65.
“We’re off to an exceptionally strong start in 2026, with revenue up 14% and net income growing 42%,” said Citi chair and CEO Jane Fraser.
“We remain very much on track to deliver the 10-11% RoTCE target this year. I’m excited for next month’s Investor Day where we’ll discuss our path forward and how we will realize the significant upside Citi offers.”
The bank reported $2.78 trillion in total assets at the end of the quarter, up 8%. Loans rose 8% to $762 billion, and deposits increased 10% to $1.45 billion.
Services revenue surged 17% due to growth in its Treasury & Trade Solutions and Securities Services sub-segments. Markets revenue rose 19%, with its Fixed Income division’s revenue growing 13% to $5.17 billion.
Banking revenue was up 15% and Wealth revenue climbed 11%.
Its income from continuing operations also grew by 45% to $5.94 billion. Operating expenses were up 7% to $14.31 billion, which the company credited to higher compensation and benefits.
Citigroup’s provision for credit losses increased by 3% to $2.81 billion. Its Common Equity Tier 1 Capital ratio was 12.7%, dropping from 13.4% year-over-year.
Citigroup (NYSE: C) shares closed 2.6% higher at $129.58, and rose a further 0.1% after-hours. Its market capitalisation is $222.22 billion.
