International finance group Citi has reported a $5.01 billion net income for the first quarter of its latest fiscal year, equivalent to $1.01 per share. Results include a previously disclosed charge of $1.38 billion, or $871 million after tax, related to a structural expense review conducted during the quarter. Excluding the charge, net income was $5.88 billion, or $1.18 per share.
The banking giant revealed that, while its net income for Q1 declined by around 11% compared to the corresponding quarter of the previous year, it recorded revenues of $25.5 billion, an increase of 15%. This was driven by a 23% revenue growth in the markets and banking sector, including record revenues in fixed income and equity markets, investment banking and transaction services. Meanwhile, international revenues rose by 18%.
We achieved these results while completing our structural expense review, which will help us become a leaner, more efficient organization and lower our rate of expense growth. As we look ahead, our priorities are clear: we will invest to grow and integrate our businesses, take actions to improve efficiency and lower costs, and continue to build momentum across our franchises, said Charles Prince, chairman and CEO of Citi.
During the quarter, the company opened 99 new branches, including 48 internationally and 51 in the US.