Earnings

Citigroup Sees 1Q Surge In Mobile Banking, Beating Expectations

Amid headlines that corporate banking helped boost Citigroup profits, the firm also reported strength in its mobile and online initiatives, as evidenced by growth in consumers using bits and bytes to bank, according to earnings materials from the company.

In results reported on Friday (April 13), the top line at the bank came in at $18.87 billion, in line with estimates and showing growth from the $18.3 billion reported last year.

On a profit level, the company said it earned $1.68, which bested the $1.61 that had been expected by the Street. Total loans surged 7 percent year over year to $673 billion.

The company said it had revenue growth in cards and retail banking across all regions in which it operates.

Global consumer banking revenues were up 6 percent year over year, driven by growth in North America.

Similar to other banking companies that reported Q1 earnings on Friday, including JPMorgan Chase, branch counts were down, to 2,433, off 6 percent from a year ago.

The average of loans on cards stood at $159 billion, up from $152 billion.

Retail banking showed strength as well, as revenues were up 8 percent, excluding mortgages.

Digital efforts in North America showed traction, in a trend that echoed JPMorgan as well, with active digital customers at 18 million, up 13 percent year over year. Mobile customers tallied 10 million, up 25 percent year over year.

Similarly, the international stage saw growth across mobile conduits. The total number of active digital customers stood at 7 million and gained 14 percent year over year. The total number of active mobile customers surged 36 percent to 4 million over the same period.

Credit trends showed some rebound in net credit losses, as NCLs were 2.30 percent on a global basis, up from 2.24 percent. In North America, those results came in at a respective 2.77 percent and 2.63 percent.

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