Citigroup exceeds expectations on quarterly profits
US banking giant Citigroup reported a better-than-expected quarterly net profit as a smaller loss on its troubled assets made up for weakness in its core trading and lending businesses, pushing up the bank's shares in pre-market trading.
First-quarter adjusted net income rose to $4.15bn (€3bn), or $1.30 per share, from $4bn, or $1.29 per share a year earlier, the third-largest US bank said on Monday. Total net income under Generally Accepted Accounting Principles rose to $3.94 billion, or $1.23 per share, from $3.81 billion, or $1.23 per share.
Analysts on average had expected adjusted earnings of $1.14 per share, according to Thomson Reuters I/B/E/S.
Citigroup shares were up 3.6pc at $47.32 in trading before the bell, clawing back some of the nine per cent loss since the Federal Reserve rejected its capital plans on March 26.
The adjusted loss at Citi Holdings, which holds the bank's portfolio of troubled assets left over from the financial crisis, eased to $292m from $798m a year earlier.
That helped to make up for a drop in profit and revenue in the company's core business, known as Citicorp. (Reuters)