Citigroup 1Q profit rises 2%, tops estimates; revenue slips

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Citigroup 1Q profit rises 2%, tops estimates; revenue slips
FILE- This March 23, 2018, file photo shows the entrance to Citibank at the Citigroup Center in downtown Los Angeles. Citigroup reports earnings Monday, April 15, 2019. (AP Photo/Richard Vogel, File)

NEW YORK (AP) —

Citigroup Inc. says earnings rose 2% to .71 billion in the first quarter of 2019.

The bank, based in New York, said Monday that earnings per share were .87 per share, up from .68 a share a year earlier.

The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of .78 per share.

The U.S. bank posted revenue of 5.89 billion in the period. Its revenue net of interest expense was 8.58 billion, down 2% from a year ago and short of Street forecasts. Three analysts surveyed by Zacks expected 8.76 billion.

Citigroup shares have increased 30% since the beginning of the year, while the Standard & Poor’s 500 index has risen 16%. The stock price has decreased 5% in the last 12 months.

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This story was partially 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