Citigroup: earnings up more than expected at +4%

In the first quarter of the year, Citigroup reported net income of $3,9 billion ($1,30 a share). The group is up 4% from $3,8 billion ($1,29 a share) a year ago. The result is clearly better than the expectations of analysts, who expected profits to fall to 3,56 billion. Turnover for the period fell 1% to $20,12 billion from $2,5 billion a year ago. Also in this case the result is higher than consensus expectations: a drop to 19,47 billion was expected. In the quarter, the revenues of the 'consumer banking' division fell by 5% to 9,3 billion while the turnover of the investment banking division was 1,05 billion and that of fixed assets equal to 3,85 billion. At the end of the quarter, Citigroup had a Tier 1 common ratio of 10,4% of risk-weighted assets under Basel III.