Banking giant Citigroup Inc. (NYSE: C) reported a higher net profit for the first quarter of 2021, despite a decrease in revenues. The stronger-than-expected results triggered a rally, and the company’s stock gained early Thursday.
First-quarter net income rose to $7.9 billion or $3.62 per share from $2.5 billion or $1.06 per share a year earlier. It was above analysts’ forecast. Meanwhile, revenues dropped 7% annually to $19.3 billion but came in above the estimates.
“It’s been a better than expected start to the year, and we are optimistic about the macro environment. We are committed to serving our clients through the recovery and positioning the bank for a period of sustained growth,” said Citi’s CEO Jane Fraser.
Citigroup’s stock made strong gains during Thursday’s premarket trading, after closing the previous session higher.
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