Citigroup (NYSE: C) shares rose about 2% intra-day Tuesday after the bank reported stronger-than-expected first-quarter results, with elevated market volatility fueling a sharp increase in equities trading revenue. The company also delivered a positive economic outlook, diverging slightly from peers that have expressed concern over the potential fallout from President Donald Trump’s tariff agenda.
Net income rose to $4.1 billion, up from $3.4 billion a year earlier, as higher revenues and lower expenses helped offset increased credit loss provisions tied to a deteriorating macroeconomic outlook. Earnings per share came in at $1.96, beating analyst expectations of $1.84.
Total revenue, net of interest expense, climbed 3% year-over-year to $21.60 billion, above the consensus estimate of $21.28 billion.
Equity trading revenue jumped 23% to $1.5 billion, outperforming expectations, as heightened volatility and client activity drove performance. Fixed income trading revenue also rose 8% to $4.5 billion, topping the forecast of $4.36 billion.
Citigroup’s upbeat tone contrasted with more cautious commentary from other major banks regarding the economic risks associated with recent tariff announcements. The bank expressed confidence in the resilience of the U.S. economy and the stability of the dollar, even amid ongoing global trade uncertainty.
The results place Citigroup (NYSE: C) among a group of Wall Street firms benefiting from turbulent market conditions in early 2025, particularly in trading divisions sensitive to geopolitical and policy-driven fluctuations.
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