Citigroup Inc (NYSE:C) reported first-quarter profit that rose sharply from a year earlier and topped Wall Street estimates, helped by stronger trading performance and steady growth across its core businesses.
The bank said revenue rose 14% to $24.63 billion, above analysts’ expectations of $23.5 billion, while earnings per share came in at $3.06, compared with estimates of $2.6.
Net income increased 42% year over year to $5.8 billion.
Citigroup’s markets business was a key driver of the beat, with revenue rising 19% to $7.25 billion, ahead of expectations of $6.76 billion. Fixed income markets revenue rose 13% to $5.17 billion, while equities revenue jumped 39% to $2.08 billion, both outperforming forecasts.
Net interest income came in at $15.74 billion, up 12% from a year earlier and slightly above estimates of $15.45 billion.
By segment, services revenue rose 17% to $6.1 billion, markets generated $7.25 billion, and wealth management climbed 11% to $3.07 billion.
US consumer cards revenue increased 4% to $4.76 billion. Banking revenue rose 15% year over year but came in below expectations at $1.77 billion versus $2.14 billion expected.
Citigroup said total loans rose 8% to $761.62 billion, while average deposits increased 11% to $1.45 trillion. Average loans rose 9% to $755 billion.
Operating expenses increased 7% to $14.31 billion, while provisions for credit losses rose 3% to $2.81 billion.