Citigroup tops Street 1Q forecasts

NEW YORK (AP) _ Citigroup Inc. (C) on Thursday reported first-quarter net income of $4.09 billion.

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The New York-based bank said it had earnings of $1.35 per share. Earnings, adjusted to account for discontinued operations, were $1.36 per share.

The results beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.24 per share.

The U.S. bank posted revenue of $21.69 billion in the period. Its adjusted revenue was $18.12 billion, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $17.81 billion.

Citigroup shares have declined 1.5 percent since the beginning of the year, while the Standard & Poor's 500 index has increased nearly 5 percent. The stock has risen 40 percent in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on C at https://www.zacks.com/ap/C

Keywords: Citigroup, Earnings Report, Priority Earnings