Citigroup Earnings: Although Revenue Growth Is Working, We Won’t Know Until 2024 if Expenses Are

No-moat Citigroup reported earnings that were ahead of our expectations, with EPS of $1.63 compared with our forecast of $1.50 and FactSet consensus of $1.24. Fees and net interest income were better than expected, while expenses and provisioning were in line. While the bank beat quarterly estimates, there were no material changes to full-year guidance. As we run the numbers, we have a hard time not seeing the bank beat its own full-year revenue guidance of $78 billion-$79 billion. The bank remained on track with expenses, and we still think $54 billion is a reasonable full-year number.