Citi had a strong quarter in its investment banking division, as well as consumer banking business, which helped boost revenue across all its major business lines.
“The momentum we saw across many of our businesses toward the end of last year carried into the first quarter, resulting in significantly better overall performance than a year ago,” said Citigroup CEO
In the company's investment banking division, its biggest business by revenue and profit, Citi reported net income of
Citi's consumer banking division saw a drop in profits, however. Net income fell to
Average credit card loans rose to
Despite growing its credit card business, Citi says it has no plans to expand its so-called “credit box,” which is banker speak for approving loans to consumers with lower credit scores. That is a different approach that JPMorgan Chase, who has been looking to expand its lending.
Citigroup's stock rose