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Citigroup profit beats estimates on consumer banking strength


(Reuters) - Inc reported a higher-than-expected quarterly profit on Friday, driven by lower taxes and higher

The fourth-biggest U.S. by assets said net income rose to $4.62 billion in the first quarter ended March 31, compared with $4.09 billion a year earlier.

Earnings per share rose to $1.68 from $1.35. Average shares outstanding declined 7 percent as the company bought back stock.

Analysts on average had expected earnings per share of $1.61, according to I/B/E/S.

JPMorgan Chase & Co, the biggest by assets earlier on Friday reported a 35 percent jump in profit on lower taxes and higher interest rates.

The bank's provision for income taxes declined by 23 percent from a year earlier, reflecting the U.S. government's cut in the corporate rate.

Global increased 7 percent on gains in North America, and

Citigroup's shares were up 1.28 percent in premarket trading.

"Our first quarter results demonstrate strength and balance across our franchise and position us well for the rest of the year," said in a statement.

Total revenue rose about 3 percent to $18.87 billion, while operating expenses rose 2 percent to $10.92 billion.

(Reporting by in Bengaluru and David Henry in New York; Editing by Saumyadeb Chakrabarty)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, April 13 2018. 17:53 IST