NEW YORK — Citigroup reported a first quarter profit that beat analysts’ anticipation Thursday. Like its competitors, Citi profited from interest prices and higher trading earnings.
The New piggy bank stated it earned $4.1 billion, or $1.35 per share, compared to $3.5 billion, or $1.10 per share, at exactly the exact same period a year earlier. Analysts were searching for Citi to earn $1.23 a share, according to FactSet.
Citi had a solid quarter in its investment banking department, as well as consumer banking industry, which helped increase earnings across all of its important business lines.
“The momentum we found around many of our companies toward the conclusion of the year carried into the first quarter, leading to significantly better overall performance than one year ago,” said Citigroup CEO Michael Corbat at a statement.
From the firm’s investment banking department, its main business by earnings and profits, Citi reported net earnings of $3 billion, up 61 percent from one year ago. Fixed income trading earnings rose 19% from a year earlier and stock trading earnings increased 10 percent.
Citi’s consumer banking department saw a drop in earnings. Net income fell to $1 billion from $1.19 billion a year earlier. While revenue was up, the lender had greater expenses mostly associated with having to set aside additional money to cover bad loans.
Average credit card loans climbed to $151 billion in $131 billion in precisely the exact same period one year ago. Like JPMorgan Chase, Citi was aggressively expanding its credit card business. The bank obtained the Costco credit card portfolio from American Express this past year.