Citigroup beats on earnings as fixed income revenues rise to a 3-year high

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April 13, 2017 1:22 PM

Citigroup reported first-quarter profits that topped analysts' forecasts on Thursday

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Citigroup reported first-quarter earnings that topped analysts forecasts on Thursday as its fixed-income revenues rose to a three-year high.

Citi reported $1.35 in adjusted earnings per share, beating analysts' consensus forecast for $1.24 according to Bloomberg.

Fixed income revenue totaled $3.62 billion, up 19% year-over-year, ahead of the expectation for $3.52 billion.

Equity markets revenue increased 10% year-over-year to $769 million, driven by derivatives trading.

Citi's global consumer banking division saw profits decline 16% to $1 billion as its cost of credit jumped.

Citi's revenue from branded cards rose by 13% year-on-year to $2.1 billion, as a result of its takeover of the Costco portfolio after the retail chain ended its exclusive agreement with American Express. As Citi took on credit-card loans held by Costco customers, net credit losses totaled $1.6 billion.

Other big banks including JPMorgan and Wells Fargo reported earnings ahead of the opening bell on Thursday. JPMorgan's investment bank had a record-breaking quarter.

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