April 15 - Citigroup first-quarter profit rises to $3.8 billion. Bobbi Rebell reports.
The Daily Digit is $3.8 billion. That's how much Citigroup made in the first quarter. Up 31 percent from a year ago- and better than analysts had expected. The nation's number three bank made $1.23 per share in net profit from 95 cents per share a year earlier. Shares of Citi traded higher on Monday in reaction to the news- the stock is up more than 13 percent this year. Rising home prices helped- the bank was able to cut back on the amount of money it puts aside for bad loans. Citi said they benefited from a more favorable credit environment.. and its market's business was strong- revenue from Citi's securities trading and investment banking business rose 31 percent to almost $7 billion. The results moved up Citigroup's Basel III Tier 1 common equity ratio, a key regulatory measure of capital. It was at 9.3 percent at the end of March, from 8.7 percent three months earlier.