Citigroup Inc. First Quarter 2017 Results and Key Metrics
Citigroup Inc. press release ------- New York – Citigroup Inc. today reported net income for the first quarter 2017 of $4.1 billion, or $1.35 per diluted share, on revenues of $18.1 billion. This compared to net income of $3.5 billion, or $1.10 per diluted share, on revenues of $17.6 billion for the first quarter 2016. Revenues increased 3% from the prior year period, driven by growth in both the Institutional Clients Group (ICG) and Global Consumer Banking (GCB), partially offset by lower revenues in Corporate / Other primarily due to the continued wind down of legacy assets. Net income of $4.1 billion increased 17%, driven by the higher revenues and lower cost of credit. Earnings per share of $1.35 increased 23% from $1.10 per diluted share in the prior year period, driven by the growth in net income and a 6% reduction in average diluted shares outstanding. These results were impacted by episodic items recorded in Corporate / Other described below, which on a net basis benefitted earnings by roughly $0.08 per share in the first quarter 2017. To get more in depth information click on the picture below to read the release.