Citigroup Inc.'s first-quarter profit jumped 30% as the giant bank tries to emerge from the shadow of the financial crisis under new Chief Executive Michael Corbat.
Citi said Monday it earned $3.8 billion, or $1.23 a share, in the first quarter, up from $2.9 billion, or 95 cents, during the same period a year ago, beating analysts' estimates.
The bank's shares gained $1.15, or 2.6%, to $45.93 in early trading on Wall Street.
Revenue of $20.5 billion grew 6% from $19.4 billion in the first quarter of last year. The bank reported strong gains in investment banking, trading and loan growth, while profit in its global consumer banking unit declined 11% year over year.
Citi's financial results benefited from the release of $652 million in loan-loss reserves, though that amount was less than the $1.2 billion of reserve releases the same period a year ago.