Citigroup: Q1 earnings better than expected

(CercleFinance.com) - Citigroup reported an 8% increase in Q1 net profit on Friday, a performance that was well above Wall Street expectations.


The US bank's quarterly profit came in at $4.6bn, or $2.19 per share, compared with $4.3bn, or $2.02 per share, a year earlier.

Excluding one-off gains, notably from the sale of a business in India, EPS was $1.86, compared with analysts' expectations of $1.67.

Net banking income rose 12% to $21.4bn from $19.2bn a year earlier, driven by private banking and treasury and trade solutions.

Citigroup's shares were up more than 2% in pre-market trading on Wall Street immediately after these results were released.


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