Citigroup delivers better-than-expected Q1 result

Citigroup reported a better-than-expected first-quarter performance on Friday, driven by both its investment banking and trading units.

Citi said quarterly profits fell 27% to $3.37bn, principally due to higher expenses and credit costs, while revenues fell 2% to $21.1bn, mostly driven by its sale of an overseas unit a year earlier.

Investment banking revenue jumped 35% to $903.0m, while fixed-income trading revenue fell 10% to $4.2bn and equities revenue rose 5% to $1.2bn.

As of 1530 BST, Citigroup shares were down 0.46% at $60.43 each.

Reporting by Iain Gilbert at Sharecast.com