Citigroup Inc. (NYSE: C) on Friday reported its first quarter results that topped analysts’ expectations, but its stock was still trading 2 percent lower.
The bank reported net income of $4.6 billion, or $1.68 per share, for the first quarter 2018, compared to net income of $4.1 billion, or $1.35 per share, a year earlier.
Revenue rose 3 percent to $18.9 billion in the first quarter, driven by growth in both the Institutional Clients Group (ICG) and Global Consumer Banking.
Analysts’ polled by Thomson Reuters expected that net income for the first quarter of $1.61 per share on revenue of $18.86 billion.
Citi CEO Michael Corbat said, “Our first quarter results demonstrate strength and balance across our franchise and position us well for the rest of the year. We grew revenue across both our institutional and consumer businesses and delivered solid, client-led revenue gains in areas we have been investing in such as Citibanamex, TTS, Equities and the Private Bank. In addition to improving Citi’s return on capital, we maintained our focus on also improving Citi’s return of capital.”
Citigroup shares opened 1 percent higher on Friday. But it gave up its gains later and was trading 3 percent lower in the morning.
Revenue from equity trading sales jumped 38 percent in the first quarter, offsetting a 7 percent decline in fixed-income trading business.
“While market conditions have been uneven so far this year, our first quarter results show our ability to deliver for both clients and shareholders and we look forward to sustaining this momentum for the balance of the year,” Mr. Corbat concluded.