Citi on Thursday reported results for the first quarter ended March 31, 2022. The company reported revenue of $4.3 billion on sales of $19.2 billion and earnings per share of $2.02.
According to the press release, the company will focus on investing in its infrastructure, risk and controls, and technology through 2022. It also cites several microeconomic challenges the company will face in the coming months, notably the war with Ukraine and the ongoing Covid19 pandemic.
“As you heard at Investor Day, we are focused on transforming and investing in our infrastructure, risk and controls, people and culture to modernize our bank and make Citi a successful business. I recognize that These investments will impact our spending and earnings in the short term. But I strongly believe that success here will not only allow us to meet our regulatory obligations, but also improve our competitiveness and earnings in the medium term,” Citi CEO Jane Fraser said in a statement. the company’s earnings announcement.
Fraser said the drop in revenue was due to divestitures, technology investments and higher spending. Revenue rose 36% in the quarter despite the decline.
“While geopolitics has dented wealth management performance, we are hiring bankers, enhancing our client service, and continuing to build clients in private banking and Citibank,” Fraser said in a release.
The increase in fees was largely driven by managed investments, as firms hired client advisors and commercial and investment bankers. Citi Chief Financial Officer Mark Mason said on the earnings call that the company is “also investing in technology in services, assets and cards.”
Credit card revenue fell 1% due to higher-than-average payout rates and higher premium costs, according to Mason. However, both new credit card accounts and spending rose 24%. He said he expects the company to post low-single-digit revenue growth this year as well as spending growth.
“In the context of the same tragic and unnecessary war and ongoing pandemic, I expect the macro environment to remain unpredictable, to say the least,” Fraser said in the release.
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