Citigroup profit rises on investment banking boost

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Citigroup profit rises on investment banking boost

FILE PHOTO: The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada, Oct. 19, 2017. REUTERS/Chris Helgren/File Photo

(Reuters) – Citigroup Inc reported a 2 percent rise in quarterly earnings on Monday, as investment banking revenue surged and net interest margin expanded.

Net income rose to $4.71 billion, or $1.87 per share, for the first quarter ended March 31 from $4.62 billion, or $1.68 per share, a year earlier.

Revenue fell 2 percent to $18.58 billion.

Analysts were looking for a profit of $1.80 per share on revenue of $18.63 billion, according to IBES data from Refinitiv. It was not immediately clear if the profit number was comparable.

Reporting by Imani Moise in New York and Sidharth Cavale in Bengaluru; Editing by Anil D’Silva