Citigroup's earnings, revenue fall in 1st quarter

By Ovunc Kutlu

ANKARA (AA) – Citigroup’s earnings and revenue slipped in the first quarter of 2022, according to its financial results released on Thursday.

The US-based multinational investment bank and financial services company posted net income of $4.31 billion in January-March 2022, a 45.7% decline from $7.94 billion in the same period last year.

Total revenue stood at $19.2 billion for the first three months of 2022, a fall of 2.4% from $19.67 billion in the same period of last year.

Citigroup CEO Jane Fraser said in the statement that the geopolitical and macro environment has become more volatile.

“We continue to see the health and resilience of the US consumer through our cost of credit and their payment rates,” she added.

After weak results, Citigroup’s stock price tumbled 0.4% to $50.15 per share at 08.30 a.m. EDT before the opening of the New York Stock Exchange.