Citigroup sees higher 1Q revenue, earnings

By EarningsFOXBusiness

Citigroup (C), the fourth largest U.S. bank by assets, on Friday released its first-quarter results and they were better than Wall Street expected.

Citigroup earned $1.68 per share, adjusted to exclude certain items, on revenue of $18.87 billion. Analysts were expecting earnings of $1.61 per share on revenue of $18.86 billion.

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CCITIGROUP INC.69.67-0.68-0.97%

In the first quarter of 2017, Citigroup earned $1.35 per share on revenue of $18.12 billion.

The bank saw revenue from both consumer banking and institutional clients increase more than analysts were expecting. The bank's fixed income markets revenue fell, while its equity markets revenue increased.

Analysts were expecting the company to see a boost in trading revenue, with Wells Fargo upsizing their trading revenue expectations for the banking sector in general in a note to clients on April 5.