Shares of financial services behemoth (NYSE:C) are on the up move today after the company posted better-than-estimates first quarter numbers.
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Revenue rose 12% year-over-year to $21.4 billion outperforming estimates by $1.34 billion. EPS at $1.86 too surpassed expectations by $0.21. During the quarter, Citi closed two consumer franchises. Excluding divestitures, revenue growth was 6%.
Q1 growth in net interest income was partially offset by tepid non-interest revenue. While the Personal Banking and wealth management vertical saw a 9% year-over-year growth, the Institutional Clients Group vertical disappointed with a 1% growth. The company continues to see growth in Services and Fixed Income Markets alongside average loan growth in U.S. Personal Banking.
Further, while the cost of credit came in at $2 billion, loans at the end of the quarter stood at $652 billion. Deposits at the end of the period stood largely unchanged at $1.3 trillion.
Overall, the Street has a $56.30 consensus price target on Citi, pointing to a 19% potential upside in the stock.
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