Citigroup Inc. - Underperformed compared to peers?

If you compare all 3 banks side by side, it might have looked like Citigroup has underperformed.

However, here are some points to take note of Citi's Q1'23 performances.

Revenue grew 12% YoY on higher net interest income (+23% YoY) due to the aggressive rate hikes. However, if excluding the divestiture-related impacts, it's only up +6%.

Sharing the same sentiments with its peers, Citigroup also increased its net Allowances for Credit Losses (ACL) higher. Citigroup reported a total provision for loan losses of USD 1.98 billion, slightly above the USD 1.89 billion provisions for credit losses expected by analysts, according to StreetAccount, and up 7% from the prior quarter.

CET-1, which is the Common Equity Tier-1 ratio remains strong at 13.4% for Q1'23.

Its 40 bps better than 4Q'22, contributed by the net income, partially offset by capital distribution.

Perhaps after going through the reasonings, Citigroup's results are not that bad compared to its peers?

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