By Justin Baer
Citigroup reported a 27% drop in its first-quarter profit as expenses, including from the banks restructuring plans, offset revenue gains by some of its biggest businesses.
The third-biggest U.S. banks shares rose 1% in early trading after the results were announced.
Here are the numbers you need to know:
— Citi reported net income of $3.37 billion, or $1.58 a share, compared with net income of $4.61 billion, or $2.19 a share, a year earlier. Analysts expected $1.18 per share, according to FactSet.
— Revenue fell 2% to $21.1 billion from $21.45 billion. Wall Street was looking for $20.46 billion, according to FactSet. Citis revenue tally a year ago included a $1 billion gain on the sale of its consumer-banking arm in India.
— Citis Services business, which provides a range of banking and treasury services for companies and investment managers, posted revenue of $4.8 billion, up 8%.
— Total trading revenue fell 7% to $5.4 billion. Trading on bonds and other fixed-income securities dropped 10%, as markets turned less volatile. Revenue from Citis stock-trading desks rose 5%.
— In banking, which includes merger advice, stock-and-debt underwriting and corporate loans, revenue rose 49% to $1.7 billion. Citi saw a pickup in both stock and debt offerings.
— Revenue from the U.S. consumer-banking arm rose 10% to $5.2 billion on gains from credit cards.
— Citis wealth-management business reported revenue of $1.7 billion, down 4% from a year ago.