Total revenue increased 1% from a year earlier to $17 billion. Net interest margin, which measures the difference between what Citigroup pays for money and earns from loans and securities, declined to 1.98% from 2.06% a year earlier.Ī bright spot during the quarter was the bank's investment banking business, which posted a 43% jump in revenue. But NII from the bank's basic lending business outside of markets rose 0.6%. The bank's overall net interest income (NII) was flat year-over-year at $10.82 billion as borrowing from corporations stayed flat. Revenue from Treasury and Trade Solutions, generally considered Citigroup's strongest corporate business, was down 1% due to low interest rates. 'Spending rates have picked up, which is good, but we have to see that materialize into average interest-earning balances which means payment rates have to normalize,' Mason said. Its global consumer banking revenue dropped 6% as holders of Citi-branded credit cards in North America paid down card balances, denying it interest income.

Analysts on average had expected a profit of $1.38 per share, according to Refinitiv IBES data. The profit drop had sent the company's shares down as much as 3.5% in early trading, but they pared losses after CFO Mason confirmed that company would resume share buybacks as planned.Ĭiti had suspended buybacks in the fourth quarter to build capital ahead of charges for shutting down its Korean consumer business and the impact of a new rule on capital for derivatives risk.Įxcluding the hit from Asia divestitures, the bank earned a profit of $1.99 per share.

Global consumer bank citi wso