Citigroup's earnings edge higher in first quarter
NEW YORK (AP) — Citigroup says its first-quarter earnings rose, beating the expectations of Wall Street analysts.
The bank made $4.1 billion in the first quarter, after stripping out the effects of an accounting change and a tax item. That was up 2.5 percent from the same period a year earlier, when it made $4 billion.
On a per-share basis, that amounted to $1.30 compared with $1.29 a year ago. That was better than estimates of analysts polled by FactSet, who had been expecting $1.14.
Revenue was $20.1 billion. That was down 2 percent from the same period last year when the bank generated revenue of $20.6 billion.
Analysts had forecast revenue of $19.5 billion.
Citi's stock rose $1.27, or 2.8 percent, to $46.97 in pre-market trading.