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Citigroup Surprises With Better-than-Expected Earnings and Revenue

NEW YORK (TheStreet) -- Shares of Citigroup are climbing on Monday after the bank reported first-quarter quarter earnings and revenue that easily beat analysts' estimates. Results were boosted by a narrower loss on the banks' portfolio of troubled assets.

VIDEO TRANSCRIPT:

Shares of Citigroup (C) are climbing on Monday after the bank reported first-quarter quarter earnings and revenue that handily beat analysts' estimates.

Excluding items, Citigroup reported adjusted earnings of $1.30 a share on revenue of about $20.1 billion -- beating analysts' estimates of earnings of $1.14 a share on revenue of about $19.3 billion, according to Thomson Reuters.  A narrower loss on its portfolio of troubled assets, Citi Holdings, helped boost results.

On a cautious note, Citigroup saw a decline in revenue from bond trading and home mortgage lending, as well as in its investment banking, treasury services, processing and retail banking units. These declines echo JPMorgan's (JPM) results, which were released on Friday.

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At last check, shares of Citigroup were climbing more than 4% to $47.63.

In New York, I'm Brittany Umar for TheStreet.

Written by Brittany Umar in New York.

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