Citigroup 1Q profit rises 2%, tops estimates; revenue slips

FILE- This March 23, 2018, file photo shows the entrance to Citibank at the Citigroup Center in downtown Los Angeles. Citigroup reports earnings Monday, April 15, 2019.

NEW YORK (AP) —

Citigroup Inc. says earnings rose 2% to $4.71 billion in the first quarter of 2019.

The bank, based in New York, said Monday that earnings per share were $1.87 per share, up from $1.68 a share a year earlier.

The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.78 per share.

The U.S. bank posted revenue of $25.89 billion in the period. Its revenue net of interest expense was $18.58 billion, down 2% from a year ago and short of Street forecasts. Three analysts surveyed by Zacks expected $18.76 billion.

Citigroup shares have increased 30% since the beginning of the year, while the Standard & Poor's 500 index has risen 16%. The stock price has decreased 5% in the last 12 months.

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This story was partially generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on C at https://www.zacks.com/ap/C

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