Citigroup Inc. C stock is up 2% in premarket trades after the bank reported a higher first-quarter profit that beat analyst estimates. Citi said its earnings for the three months ended March 31 increased to $4.6 billion, or $2.19 per share, up from $4.3 billion, or $2.02 a share, in the year-ago quarter. Adjusted profit was $1.86 a share. Revenue increased to $21.4 billion from $19.2 billion. Citigroup was expected to earn adjusted profit of $1.65 a share, according to FactSet data. The bank’s revenue target was $20.02 billion. Citigroup stock is up 4.6% in 2023, compared to an 8% rise by the S&P 500 and a 2.7% rise by the Dow Jones Industrial Average.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.