NEW YORK (CNNMoney)
The bank beat analyst estimates Monday, a surprise announcement given all the woes for banks in general and Citi, in particular.
Investors welcomed the news, sending shares of Citigroup (C, Fortune 500) up 3% in early trading.
Related: JPMorgan profits sink, but Dimon confident
"It was really a nice performance," said Daniel Marchon, a bank analyst with Raymond James and Associates.
He said despite headwinds in the emerging markets, Citi's strong international presence was a boon in the quarter, led by increases in commercial loan growth overseas.
Marchon also said Citi has done a good job of holding expenses down. Deposit growth was also a bright spot for the firm.
But like other banks, Citi suffered from a decline in bond trading and lower mortgage activity in the quarter.
The bank's first quarter profit was $3.9 billion, or $1.30 per share on an adjusted basis. That represented a solid 4% jump in earnings from the same period last year.
Revenue for the first three months of the year was $20.1 billion, slightly lower than the first quarter of 2013, but better than analysts were predicting.
First quarter results included a loss from the bank's problems in Mexico, where its subsidiary there is under investigation for fraudulent loans of roughly $400 million to Oceanografia S.A., a Mexican oil services company.
In March, the Federal Reserve rejected the bank's capital plan to increase its dividends and share repurchases, saying it was worried about the bank's ability to weather a severe economy downtown.
It was the only major Wall Street firm to fail the Fed's so-called stress tests, and its shares have tumbled over 9% since the beginning of the year.
First Published: April 14, 2014: 8:40 AM ET
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