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On average, Wall Street analysts Citi is expected to earn $ 1.80 per share on $ 18.59 billion of revenue.
The bank saw a turnover rate of 2% compared with the previous year, but this is offset by a corresponding increase in net profit, which is driven by cost savings and an increase from lower tax rates.
At the same time, earnings per share increased 11%, said Citi, helped by a decrease in average diluted stocks and the increase in net profit. However, a revenue increase of 1% in bond transactions was not enough to offset a 24% reduction in stock trading during the quarter.
Citi's performance is part of the first wave of large bank income, which normally sets the tone for the markets, as well as the expectations for the economy. Last week, JPMorgan Chase first hit the market estimates in the first quarter and helped kick a wide rally.
<p class = "canvas atom canvastxt Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "The largest US bank harvested record earnings & nbsp; and blew past Wall Street's estimates, while & nbsp; Goldman Sachs also made a better-than-expected profit but the result was weighted by a sharp decline in trading revenue. "data-response time =" 28 "> The largest US bank posted record revenues and blew over Wall Street's estimates, while Goldman Sachs also turned better than expected, but the result was offset by a sharp decline in trading revenue. 19659006] Citis Stock Exchange, traded on the New York Stock Exchange, fell by 0.6% in early US trading and traded hands at around $ 67 per share.