To The Moon

$Citigroup(C)$ released its Q1 2023 quarter earnings on Fri, 14 Apr 2023. This post is a continuation from my previous two postings : (click to read) Citibank Q4 2022 Quarterly Earnings report. Thu, 13 Apr Post On Which Bank Has Best Earnings ! It will be “interesting” to Find out Citibank’s Q1 2023 performance compared to its Q4 2022. Most analysts comparison will be YoY. This will be a different ! Find out if my 13 Apr 2023 post’s ranking predictions of the banks based off their Q4 2022 earnings were accurate. Revenue came in at $21.4 Billion vs $18.0 Billion (Q4 2022); that’s a +18.89% gain. Net Income was $4.6 Billion vs $2.5 Billion (Q4 2022), that’s a +84.0% gain. Diluted EPS was $2.19 vs $1.16 (Q4 2022), a +88.79% gain. ROE was 9.5% vs 5% (Q4 2022); that’s a +4% gain. Revenue Mix “Contribution” From Business Segment : Institutional clients group makes up 52.4% of Citibank’s revenue, up from 41% (Q4 2022). Personal banking & Wealth Mgmt makes up 30.1% of bank’s revenue, down from 40.6% (Q4 2022), a -10.5% decline. Legacy franchises. Contributed 13.3% to bank’s revenue, down from 13.7% (Q4 2022), -0.40% decline. Corporate & others. Contributed 4.3% to bank’s revenue, down from 4.7% (Q4 2022), -0.4% decline. Citibank Other Information : Citibanks’ Other highlights : Book value per share was $96.59 vs $94.06 (Q4 2022); a +2.7% gain. Expenses have increased to $13.3 Billion from $12.9 Billion (Q4 2022); a +3.1% gain. Market revenue was $5.6 Billion vs $3.94 Billion (Q4 2022); a +42.13% increase ! CET1 came in at 13.4% vs 13.0% (Q4 2022), meeting US banks latest CET1 requirement of 13.3% that came into effect in Oct 2022. Summing Up My Viewpoints : Citibank has handed in an “excellent” report card with revenues and incomes bettering its last quarter and YoY results. Having said that, its “Personal banking & Wealth Mgmt” segment definitely had a “poorer” showing this quarter falling by -10.5% from Q4 2022. It did not manage to control its purse. Bank’s expenses has risen to $13.3 Billion from $12.9 Billion (Q4 2022) that was a “reduction from Q3 2022). Equity Markets that contribute to “Markets revenue” managed to rise to $1.1 Billion from $798 Million (Q4 2022). In the face of YoY comparison, its still down -25%, exposing the bank’s weak business segment. In my 13 Apr post, I have ranked Citibank as #1 in performances is inaccurate. Its actually ranked #2 when matched against $Wells Fargo(WFC)$ and $JPMorgan Chase(JPM)$ ; whom also reported their Q1 2023 quarterly earnings as well. Looking at Citibank’s past 1 year performance, the bank has managed to climb out of its “bottom out” price of $40.45 set on 11 Oct 2022. However, its still coming up a little short in terms of the “peak” stock price. With general consensus that US economy will be slipping into mid recession, it is highly doubtful that Citibank could stay above the resistant price of $54.56; its 52-week high. I will continue to monitor for a “good” entrance price. Just not at the moment ! Do you think Citibank has handed in a “credible” report card on its earnings ? Do you think Citibank will be able to rise past its 52-week high of $54.56 ? Please give a “LIKe” to this post ok. Thanks. Your rating is very important to me. Alternatively, do consider “Follow me” so that you get first hand read of my daily new posts. Tks, Tks ! @TigerEvents @Tiger_SG @TigerPM @CaptainTiger