ALSO READDoubts over U.S. bank capital payouts may cloud strong earnings Citigroup reports $18 billion loss on one-time tax items Citi sets restrictions on gun sales by retail clients Citigroup to pay $11.5 million fines, compensation over errant stock ratings Goldman posts first quarterly loss in six years on tax hit; trading slumps
The fourth-biggest U.S. bank 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.
JPMorgan Chase & Co, the biggest bank 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 tax rate.
Citigroup's shares were up 1.28 percent in premarket trading.
Total revenue rose about 3 percent to $18.87 billion, while operating expenses rose 2 percent to $10.92 billion.
(Reporting by Sweta Singh in Bengaluru and David Henry in New York; Editing by Saumyadeb Chakrabarty)
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