- EPS $1.30 vs $1.14 exp
- Net income $3.9bn
- Revenue drops 1% to $20.11bn vs $19.39bn exp
- Citicorp revenue drops 3% from Q1 2013 at $18.7bn
- Deposits up 3%, loans up 7%
Michael Corbat, Chief Executive Officer of Citi, said, “Despite a quarter that was difficult for our company, we delivered strong results. Both our consumer and institutional businesses performed well and we grew both loans and deposits while holding the line on our expenses. We reduced our deferred tax assets more than any other quarter since the crisis and drove Citi Holdings closer to break even.
Citi kick off Q1 earnings this week and post some fairly decent numbers. Citicorp drive the results lower from a decline in fixed income revenue.
The market likes it so far with the share price up 3.1% in the pre market.
