(News Bulletin 247) – Citigroup reported on Friday an 8% increase in net profit in the first quarter, a performance well above Wall Street expectations.
The US bank’s quarterly profit came in at $4.6 billion, or $2.19 per share, from $4.3 billion, or $2.02 per share, a year earlier.
Excluding exceptional gains, due in particular to the sale of an activity in India, its profit per share amounted to 1.86 dollars, where analysts expected EPS of 1.67 dollars.
Net banking income increased by 12% to 21.4 billion dollars, against 19.2 billion a year earlier, driven by private banking activities and treasury and commercial solutions.
The latter business consists of providing cash management and commercial exchange financial services to multinationals, financial institutions and public sector organizations.
Citigroup shares were up more than 2% in pre-market trading on Wall Street just after the publication of these results
In addition to Citigroup, JPMorgan and Wells Fargo also unveiled results on Friday that exceeded expectations for the first quarter.
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