Citigroup Inc on April 17, said first-quarter profit rose 4 percent as record revenue from non-US operations and from fixed-income trading and investment banking offset weakness in US consumer banking operations.
Net income for the largest US bank rose to $5.64 billion, or $1.12 per share, from $5.44 billion, or $1.04 a share, a year earlier.
Profit from continuing operations, excluding insurance and mutual fund units that were sold last year, rose 9 percent to $5.56 billion.
Results included a $520 million after-tax charge to expense stock options, and a $657 million benefit to resolve a federal tax audit for the 1999 to 2002 years.
Revenue from continuing operations rose 5 percent to $22.18 billion.
Citigroup said it authorised the buyback of up to $10 billion of stock. It had set a $15 billion buyback last April.
"We are seeing the benefits from our investment spending, which helped generate record revenues" in non-US and corporate and investment banking units, Chief Executive Charles Prince said in a statement. "Strength in these franchises more than offset weaker results in our US consumer business."
Citigroup won a victory when the Federal Reserve this month lifted its yearlong ban on big acquisitions, citing the bank's improved internal controls following several regulatory scandals. Prince has been focusing on improving Citigroup's existing businesses, rather than adding new ones.
In the United States, earnings fell 13 percent and revenue declined 1 percent, while internationally, profit rose 47 percent and revenue rose 19 percent.