4/13/2018, 2:05 PM (Source: TeleTrader)
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Citigroup reports revenue of $18.9B in Q1

American financial giant Citigroup Inc. reported revenues of $18.9 billion in the first quarter of 2018, rising 3% compared to the same period of last year, a release said on Friday. Diluted earnings per share (EPS) were reported at $1.68, marking a 24% spike year-over-year.

Net income stood at $4.6 billion, increasing 13% compared to the same quarter of 2017, primarily due to lower effective tax rate and higher revenues. The company stated that it returned $3.1 billion of capital to common shareholders. Meanwhile, the financial giant also said it repurchased 30 million common shares.

"Our first quarter results demonstrate strength and balance across our franchise and position us well for the rest of the year. We grew revenue across both our institutional and consumer businesses and delivered solid, client-led revenue gains in areas we have been investing in such as Citibanamex, TTS, Equities and the Private Bank," Citi CEO Michael Corbat stated.

The multinational investment bank ended the previous trading session 3.21% in the green.

Breaking the News / BM