NEW YORK (AP) — Citigroup's first-quarter profits rose by 13 percent from a year earlier, the bank said Friday, as Citi benefited from the new tax law, higher interest rates and a steadily growing global economy.
Citigroup reported a profit of $4.62 billion, or $1.68 a share, compared with a profit of $4.09 billion, or $1.35 per share, in the same period a year earlier. The results beat analysts' forecasts for earnings of $1.61 a share, according to FactSet. It was the largest quarterly profit that Citi has reported since 2015.
Like its competitor JPMorgan Chase, Citigroup benefited this quarter from the tax law passed late last year. While revenues were up modestly in Citi's overall business, the amount of money it paid in taxes fell 23 percent from a year earlier. Wells Fargo, which also reported its results Friday, also reported a drop in the money it paid in taxes, which also helped its bottom line.
Citi saw revenue growth across much of its business, from its large global consumer banking franchise to its investment bank, which largely works with large corporate clients with international banking needs. The bank grew loans quite noticeably, from $629 billion to $673 billion in the quarter, and grew deposits to over $1 trillion.
Revenues in its consumer bank were up 7 percent from a year earlier, with growth in all of its major geographies: U.S., Asia and Latin America. The bank also saw gains in its trading revenue, helped by the more volatile markets last quarter.
Total revenues at Citi were $18.87 billion, compared with $18.37 billion a year earlier.