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Citigroup increased Q1 profit on higher revenues

April 16, 2013

Citigroup increased by 30% to $3.81 bn ($1.23 per share), while analysts expected $1.17 per share. Sales increased from $19.4bn in Q1 2012 to $20.8bn a year earlier, as revenue from fixed-income trading and investment banking rose. The third largest American bank managed to reduce the rate of mortgage delinquencies to 6.1% from 7.5% in the last quarter, implying that Citigroup may have been able to sell a decent amount of delinquent mortgages. The shares temporarily gained 3.3%.