Citigroup Inc (NYSE:C) shares climbed after the bank reported first-quarter earnings which beat Wall Street estimates handily on the back of rising net income and better-than-expected revenue.
For the period ended March 31, 2023, the New York-based banking giant reported earnings of $2.19 per share on revenue of $21.45 billion, compared to the consensus earnings estimate of $1.66 per share on revenue of $20.1 billion.
Investors reacted to the news, sending Citigroup shares up 0.81% to $47.30 in the pre-market trading session.
CNBC noted that Citi’s deposit flows are likely to be “a key topic” at the upcoming earnings call with analysts at 11:00 am ET. After the debacle in Silicon Valley Bank and Signature Bank last month, many expect the largest US banks to have attracted higher deposits from skittish customers pulling their money out of smaller regional banks.
Citi is a top banking partner for institutions with cross-border needs, a global leader in wealth management and a top personal bank in its home market of the US.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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