plenty of risks here. While trying to repair its damaged brand in the U.S., management has been working to repair Citigroup's global presence, which has come under attack by JPMorgan Chase ( JPM). Not to mention the fact that Citigroup has been losing share to both Wells Fargo ( WFC) and Bank of America ( BAC) in overall loan growth during a period where Citigroup has recently installed Michael Corbat as CEO. at least I thought. Citigroup, which for the quarter posted a 42% increase in net income, had other ideas. Revenue surged 11%, almost doubling some analysts' estimates. Even more impressive is that even when scrutinizing the results for things like the debt and credit valuation adjustments, Citigroup still beat earnings-per-share estimates by 8 cents, which represents 25% year over year growth. I'm not suggesting that Citi is now free and clear from the risks that I've mentioned above. What is clear, though, is that management has figured out ways to create value by focusing on credit-cost reduction and growing income from banking fees.