Citigroup Posts $7.9 Billion Net Income for Q1 2021

Citigroup Inc., the world’s financial services provider, has reported net income for the first quarter 2021 of $7.9 billion, or $3.62 per diluted share, on revenues of $19.3 billion. In the first quarter 2020, the net income represents 2.5 billion, or $1.06 per diluted share, on revenues of $20.7 billion.

Revenues decreased 7% from the prior-year period, as higher revenues in Investment Banking and Equity Markets were more than offset by lower rates, the absence of prior year mark-to-market gains on loan hedges within the Institutional Clients Group (ICG), and lower card volumes in Global Consumer Banking (GCB). Net income of $7.9 billion increased significantly from the prior-year period driven by the lower cost of credit. Earnings per share of $3.62 increased significantly from the prior-year period, reflecting the increase in net income, as well as a slight decline in shares outstanding.

“It’s been a better than expected start to the year, and we are optimistic about the macro environment. We are committed to serving our clients through the recovery and positioning the bank for a period of sustained growth”,Jane Fraser, Citi CEO commented.

“We reported record net income driven by strong performance in our Institutional Clients Group and a significant release from our Allowance for Credit Losses, as a result of the improving economic outlook. While Global Consumer Banking revenues were down quarter-over-quarter as a result of the pandemic, this is the healthiest we have seen the consumer emerge from a crisis in recent history.”