US banking giant Citigroup on Monday reported better-than-expected net income of 3.8 billion dollars in the first quarter of 2013, up 30 per cent year-on-year, thanks to a rise in revenue and a drop in net credit losses.
Profit in the same quarter of 2012 was 2.9 billion dollars.
The third-largest US bank by assets has been reducing costs and
offloading bad assets since being bailed out by the government
following the country's financial crisis.
"Achieving consistent, high quality earnings is one of my top
priorities and these results are encouraging," chief executive
Michael Corbat said.
"However, the environment remains challenging and we are sure to
be tested as we go through the year," Corbat warned.
Revenue was up 3 per cent year-on-year to 20.8 billion dollars,
while net credit losses were down 25 per cent over the same period.
