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.
Check management’s comments on Citigroup’s Q1 2021 earnings report
Citigroup’s stock made strong gains during Thursday’s premarket trading, after closing the previous session higher.