Citigroup Inc. has announced its latest quarterly financial results, delivering what analyst Jim Cramer described as "another good, solid quarter." The bank reported 8% revenue growth and a 35% increase in earnings per share, excluding a one-time charge related to the sale of its Russian operations.
Cramer highlighted that Citigroup had "the best in interest income of all banks," with a 14% rise that exceeded expectations. He noted the bank benefited from "a smaller-than-expected provision for credit losses," which he said "signals confidence in the economy."
The analyst pointed to mixed performance across business units. "Citi's services business and its banking business both beat, so did the markets business," Cramer commented, adding that this was "driven by fixed income as equity trading fell a bit short."
Cramer expressed concern about the personal banking segment in the United States, stating: "The company's personal banking in the United States had a shortfall... I liked that business. It needs to really climb." He noted similar issues with the wealth unit, though he described the "wealth shortfall" as "very small."
The results represent what Cramer called "the latest in a long line of no drama results under CEO Jane Fraser."