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Citigroup profit beats estimates on consumer banking strength


(Reuters) - Citigroup Inc reported a higher-than-expected quarterly profit on Friday, driven by lower taxes and higher consumer banking revenue.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.Analysts on average had expected earnings per share of $1.61, according to Thomson Reuters I/B/E/S.JPMorgan Chase & Co, the biggest bank by assets earlier on Friday reported ...

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