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The fourth-biggest U.S. bank by assets said net income rose to
$4.62 billion in the first quarter ended March 31, compared with
$4.09 billion a year earlier.
Earnings per share rose to $1.68 from $1.35. Average shares
outstanding declined 7 percent as the company bought back stock.
Analysts on average had expected earnings per share of $1.61,
according to Thomson Reuters I/B/E/S.
JPMorgan Chase & Co, <JPM.N> the biggest bank by assets earlier
on Friday reported a 35 percent jump in profit on lower taxes
and higher interest rates.
The bank's provision for income taxes declined by 23 percent
from a year earlier, reflecting the U.S. government's cut in the
corporate tax rate.
Global consumer banking revenue increased 7 percent on gains in
North America, Mexico and Asia.
Citigroup's shares were up 1.28 percent in premarket trading.
"Our first quarter results demonstrate strength and balance
across our franchise and position us well for the rest of the
year," Chief Executive Officer Mike Corbat said in a statement.
Total revenue rose about 3 percent to $18.87 billion, while
operating expenses rose 2 percent to $10.92 billion.
(Reporting by Sweta Singh in Bengaluru and David Henry in New
York; Editing by Saumyadeb Chakrabarty)
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