Citigroup earnings beat expectations

(Source: Reuters)

Citigroup has posted first quarter earnings for 2013, and things are looking good for the bank. Revenues rose to $20.8bn, beating expectations of a rise to $20.1bn, from $19.4bn last year. Earnings per share increased to $1.27, higher than an anticipated $1.17 per share.

The bank has made allowances for loan losses of $23.7bn. Chief executive Michael Corbat:

During the quarter, we benefited from seasonally strong results in our markets businesses, sustained momentum in investment banking, continued year-over-year growth in loans and deposits in Citicorp, and a more favorable credit environment.