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NEW YORK (AP) — Citigroup Inc. (C) on Tuesday reported first-quarter profit of $4.06 billion.
The New York-based company said it had earnings of $1.96 per share.
The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.84 per share.
The U.S. bank posted revenue of $41.25 billion in the period. Its revenue net of interest expense was $21.6 billion, which also topped Street forecasts. Seven analysts surveyed by Zacks expected $21.18 billion.
Citigroup shares have decreased 10% since the beginning of the year, while the S&P's 500 index has declined 13%. The stock has risen almost 6% in the last 12 months.
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This story has been corrected to show that the S&P 500 has declined, not climbed, in the year to date.
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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on C at https://www.zacks.com/ap/C