Citigroup Q1 Profit Beats Expectations at $3.06/Share

Citigroup Inc., the third-largest U.S. lender by assets, reported first-quarter profit that exceeded Wall Street expectations on Tuesday, fueled by elevated market volatility and robust dealmaking activity. The New York-based bank posted earnings of $3.06 per share for the three months ended March 31, surpassing the average analyst forecast of $2.65 per share, according to data from LSEG. Total revenue reached $24.6 billion, the highest quarterly figure in a decade and above estimates of about $23.6 billion.

The results highlighted strength in Citigroup's markets division, where revenue climbed 19 percent from a year earlier to $7.2 billion. Trading desks capitalized on heightened volatility across asset classes, driven by escalating geopolitical tensions in the Middle East, including the U.S.-Israeli conflict with Iran that disrupted oil shipping through the Strait of Hormuz. Client portfolio rebalancing and sharp price swings in response to concerns over AI-driven disruptions in software stocks further increased trading volumes. Fixed income, currencies and commodities revenue rose 13 percent, with commodities performing particularly well at a 27 percent gain, while equities...