Citigroup profit rises 13 percent on consumer banking, lower taxes

(Reuters) - Citigroup Inc reported a 13 percent increase in 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. It was not immediately clear if the numbers were comparable.

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.

 

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