Citigroup Inc. (NYSE:C), the fourth-biggest US bank by assets, said first-quarter profit rose 13%, helped by a lower tax rate and higher revenue at its global consumer-banking business.
Net income climbed to US$4.62bn, or US$1.68 a share, from US$4.09bn, or US$1.35 a share, a year earlier, the New York-based company said in a statement. That beat estimates of US$1.61.
Overall trading revenue up
"Our first-quarter results demonstrate strength and balance across our franchise and position us well for the rest of the year," Chief Executive Officer Michael Corbat said in the statement.
"During the quarter, we returned more than $3 billion in capital to common shareholders which helped drive a significant improvement in earnings per share."
Revenue from the fixed-income trading business fell 7% to US$3.4bn in the quarter. Overall trading revenue climbed 3% to US$5bn.