NEW YORK, 14 April 2026 — Citigroup Inc. (NYSE:C) reported a 42% jump in first-quarter profit, driven by heightened market volatility and strong investment banking activity amid geopolitical tensions and shifting investor portfolios.
Profit rose to US$5.8 billion, or US$3.06 per share, for the three months ended March 31, compared with US$4.1 billion, or US$1.96 per share, a year earlier.
Trading desks benefited from sharp price swings across asset classes as the U.S.-Israeli war on Iran increased Middle East tensions and disrupted oil shipping through the Strait of Hormuz. Concerns over AI-driven disruption also triggered a sell-off in software stocks, prompting portfolio rebalancing and higher trading volumes.
Revenue Hits Decade High
Citigroup reported its highest quarterly revenue in a decade at US$24.6 billion, with total markets revenue rising 19% year-on-year to US$7.2 billion.
Equities trading revenue surged 39%, while fixed income trading rose 13%. Revenue from rates and currencies increased 6%, and other fixed income revenue climbed 27%, supported by strong commodities performance.
The bank also exceeded its profitability target, posting a 13.1% return on tangible common equity, above its full-year target range of 10% to 11%.
Investment Banking Fees Strengthen
Dealmaking activity supported investment banking results, with Citigroup’s banking division revenue increasing 15% in the quarter.
Fees from equity underwriting jumped 64%, while M&A advisory fees rose 19%. Fixed-income underwriting fees, however, declined by 6%.
Industry-wide investment banking revenue increased nearly 14% to about US$28.2 billion in the first quarter, according to Dealogic, with Citigroup ranking fifth globally by fees.
Net Interest Income and Wealth Growth
Net interest income rose 12%, while wealth management and retail banking revenue increased 11%, adjusted for asset transfers over the past year.
The division posted a 10.8% return on tangible common equity, the lowest among Citigroup’s business units.
Shares of Citigroup have risen 104.9% over the past 12 months, outperforming Wall Street peers and the KBW bank index, as investor confidence improved following the bank’s turnaround under CEO Jane Fraser.
