Citigroup reports 2018 Q1 financial results

Citigroup Inc. reported net income for the first quarter 2018 of $4.6 billion, or $1.68 per diluted share, on revenues of $18.9 billion. This compared to net income of $4.1 billion, or $1.35 per diluted share, on revenues of $18.4 billion for the first quarter 2017.

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 $4.6 billion increased 13%, driven by the higher revenues and a lower effective tax rate, partially offset by higher expenses and cost of credit. Earnings per share of $1.68 increased 24% from $1.35 per diluted share in the prior-year period, driven by the growth in net income and a 7% reduction in average diluted shares outstanding.

Percentage comparisons throughout this press release are calculated for the first quarter 2018 versus the first quarter 2017, unless otherwise specified.

Citigroup revenues of $18.9 billion in the first quarter 2018 increased 3%, driven by 7% aggregate growth in GCB and ICG, partially offset by a 51% decrease in Corporate / Other, primarily due to the continued wind-down of legacy assets.Citigroup's operating expenses increased 2% to $10.9 billion in the first quarter 2018, as higher volume-related expenses and investments were partially offset by efficiency savings and the wind-down of legacy assets.

Citigroup's cost of credit in the first quarter 2018 was $1.9 billion, a 12% increase, driven by ICG as well as volume growth and seasoning in GCB.

Citigroup's net income increased to $4.6 billion in the first quarter 2018, primarily driven by the higher revenues and a lower effective tax rate, which more than offset the higher expenses and cost of credit. Citigroup's effective tax rate was 24% in the current quarter compared to 31% in the first quarter 2017.

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