Earnings Season Q1-2024 Big Banks
*Citigroup (NYSE:C): $61.50*
Beats on both earnings and revenues —Q1 GAAP EPS of $1.58 beats by $0.41.
Revenue of $21.1B (-1.6% Y/Y) beats by $700M.
Citi had higher credit card losses but is providing a lower allowance for Q2. – cost of credit was approximately $2.4 billion in the first quarter 2024, compared to $2.0 billion in the prior-year period, primarily driven by higher card net credit losses, partially offset by a lower allowance for credit losses build.
The stock is up 1.5% pre-market.