A Look At Citigroup's Q1 Earnings Beat

Citigroup Inc C reported its first quarter results Thursday morning.

Citigroup said it earned $1.35 per share in the first quarter on revenue of 18.1 billion; analysts were expecting the company to earn $1.24 per share on revenue of $17.8 billion.

Net income for the quarter rose from $3.5 billion a year ago to $4.1 billion while Citigroup's book value per share rose 6 percent to $75.86 and tangible book value per share rose 5 percent to $65.94.

See Also: JPMorgan Inches Higher On Q1 Beat

Citi CEO Michael Corbat said, "The momentum we saw across many of our businesses towards the end of last year carried into the first quarter, resulting in significantly better overall performance than a year ago. Revenues increased in both our consumer and institutional lines of business, most notably in areas where we have been investing such as Equities, U.S. Cards and Mexico. We grew loans and deposits and achieved an efficiency ratio of just under 58%, an ROA of 91bps and a ROTCE ex-DTA of over 10%, showing good progress towards achieving our near-term financial targets."

Here is a summary of the performance of Citigroup's units.

• Global Consumer Banking: Revenue rose 3 percent (1 percent in constant dollars) from a year ago to $7.8 billion while net income fell 16 percent to $1.0 billion as higher revenuers were more than offset by higher cost of capital.
• Institutional Clients Group: Revenue rose 16 percent from a year to $9.1 billion driven by gains in both Banking and Markets and Securities Services.
• Corporate/Other: Revenue fell 40 percent from a year ago to $1.2 billion due to legacy asset run-off and divestiture activities and lower revenue from treasury-related hedging activities.