Citigroup Inc (NYSE:C) shares are trading higher Thursday after the company reported better-than-expected earnings results.
Citigroup said first-quarter revenue declined 2% year-over-year to $19.19 billion, which beat the $18.33 billion estimate. The firm reported quarterly earnings of $2.02 per share, which beat the estimate for earnings of $1.57 per share.
Citigroup said higher net interest income driven by Services in Institutional Clients Group, as well as Personal Banking and Wealth Management was more than offset by lower non-interest revenue across businesses.
Net Income was down 46% year-over-year, driven by higher cost of credit, higher expenses and the aforementioned lower revenues.
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C Price Action: Citigroup has traded between $49.04 and $80.29 over a 52-week period.
According to data from Benzinga Pro, the stock was up 1.67% at $50.99 at time of publication.
Photo: Håkan Dahlström from Flickr.
