Citigroup Inc's first-quarter profit beat Wall Street expectations as it earned more from borrowers paying higher interest on loans.
Citi's deposits were roughly flat at $1.33 trillion from a quarter as well as a year ago as investors
into money market funds to chase greater yields. But Mason said the bank saw a pickup in deposits in March mainly from companies."The banking crisis may take attention from the efforts for a short period of time, but in the long run, this crisis will show where Citigroup's strengths lie by acting as a major stress test and will assist in simplifying operations in the long run," said Mona Dajani, a partner at New York-based law firm Shearman & Sterling LLP.
Thomas Hayes, chairman and managing member at Great Hill Capital, said Citi reported the weakest growth of the three major banks that reported results on Friday, but still exceeded expectations and managed to buy back $1 billion of stock.The bank's investment in services to corporations resulted in 31% growth in revenues in treasury and trade solutions.
Citi also got a windfall from asset sales, with revenue from legacy franchises unit rising 48% to $2.9 billion as the bank gained with the sale of the Indian consumer business to Axis.Mason expressed cautious optimism about a recovery in investment banking. The revenue in the division sank 25% from a year ago, weighed down by theStill, the bank saw a pickup in investment grade debt issuance in the first quarter and expects investment banking activity to recover in the latter part of the year.
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