Citigroup 1Q profit rises 13 percent, helped by taxes, rates

Citigroup says its first-quarter profit rose 13 percent from a year earlier, as the bank benefited from the new tax law and higher interest rates.

Citigroup reported a profit of $4.62 billion, or $1.68 a share, compared with a profit of $4.1 billion, or $1.35 per share, in the same period a year earlier. The results beat analysts’ forecasts for earnings of $1.61 a share, according to FactSet.

Like its competitor JPMorgan Chase, Citigroup benefited this quarter from the tax law passed late last year. While revenues were up modestly in Citi’s overall business, the amount of money it paid in taxes fell 23 percent from a year earlier.

Total revenues at Citi were $18.87 billion, compared with $18.37 billion a year earlier.

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