Home Business Citigroup Reports First Quarter Profit

Citigroup Reports First Quarter Profit

Citigroup (^ C) reported Monday's first-quarter earnings, outperforming Wall Street estimates as major bank earnings continued to exceed expectations.

The global bank earned $ 1.87 per share, compared to earnings of $ 1.68 per share in the same quarter last year. Citi reported a $ 18.6 billion decline in revenue in the first quarter, compared to $ 18.9 billion in the first quarter of 2018.

On average, Wall Street analysts expected Citi to earn $ 1.80 per share on revenue of $ 18.59 billion.

The Bank posted a year-on-year decline in sales of 2%. However, this was offset by a corresponding increase in net income attributable to cost reductions and an increase in tax rates.

Meanwhile, earnings per share increased 11%, Citi said. The average diluted shares contributed to this and the profit increased.

Citi's results are part of the first wave of big-bank profits that usually set the tone for the markets and expectations of the economy. Last week, the blockbuster of JPMorgan Chase outperformed market estimates in the first quarter and helped trigger a broad rally.

The largest US bank posted record income, outperforming Wall Street estimates, while Goldman Sachs also outperformed.

Citi's shares traded on the New York Stock Exchange fell slightly in trading before trading.

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