Citi revenue up 49% to $1.7b in 2023 as corporate lending grew

Both equity and debt underwriting fees rose.

Citi’s banking revenue rose by 49% to $1.7b in 2023, buoyed by growth in its investment banking and corporate lending businesses.

Investment banking revenues rose 35% to $903m, driven by debt capital markets and equity capital markets. Improved market sentiment led to an increase in issuance activity, according to Citi.

This was offset by advisory revenues, which suffered from lower merger activity in the second half of 2023.

Corporate lending revenues rose 34% to $915m in 2023, largely driven by higher revenue share.

ALSO READ: Citi is Asia’s top equity capital markets underwriter in Q1

Net income was $536m for the whole year, driven by higher revenues and lower expenses.

Equity underwriting fees jumped 57% to $171m; whilst debt underwriting fees rose 62% to $576m.

In Asia, Citi ended Q1 as the top equity underwriter by volume in Asia ex-Japan, and ranked second by net revenue onshore (excluding Japan and China), according to data from Dealogic.