Citigroup, Wells Fargo see earnings, revenue increase in Q1

By Ovunc Kutlu

ISTANBUL (AA) - Citigroup and Wells Fargo saw their earnings and revenue increase in first quarter of this year, according to their financial results statements released Friday.

Citigroup posted a net income of $4.6 billion in the January-March period, which was up 7% from $4.3 billion from the same period of last year.

Its total revenue increased by approximately 11% from $19.2 billion to around $21.4 billion year-on-year.

"Banking activity picked up from the end of 2022," CEO Jane Fraser said in the statement, adding the US-based multinational investment bank closed the sale of its two consumer franchises that contributed to a "healthy pace of capital generation."

Wells Fargo saw its total revenue increase 17% to $20.7 billion in the first quarter, from $17.7 billion in the same period of last year.

The-US based global financial services company's net income jumped 32% to almost $5 billion, from $3.8 billion, year-on-year.

About the recent US banking turmoil, CEO Charlie Scharf said: "Regional and community banks are an important part of our financial system and are uniquely positioned to serve their customers and communities."