Citigroup Inc (NYSE:C) shares moved higher as the bank reported profits and revenue above expectations for the first quarter.
Net income was $4.1 billion or $1.96 per share, compared to the consensus of $1.85.
Revenue of $21.6 billion beat estimates of $21.3 billion, up from $21 billion in the year-ago quarter.
The increased revenue was attributed to growth in each of Citi’s interconnected businesses. Markets revenue was up 12%, Banking 12% as M&A revenue nearly doubled, with Wealth revenue increasing 24%.
Citi CEO Jane Fraser said the bank continues to build on its track record of progress with each quarter, also addressing recent market volatility.
“When all is said and done, and longstanding trade imbalances and other structural shifts are behind us, the US will still be the world’s leading economy, and the dollar will remain the reserve currency,” Fraser said.
“The deep knowledge and breadth of capabilities we bring to the many markets where we operate are a point of distinction as we continue to help our clients navigate an uncertain environment.”
Shares of Citi traded up 2.3% at about $65 post-earnings.