Citigroup reported a higher than expected quarterly profit today, driven by strength in its consumer banking business and a surge in equities trading.
Global consumer banking revenue at the fourth biggest US bank by assets increased 7% on gains in North America, Mexico and Asia.
Equity markets revenue jumped 38%, gaining from increased volatility in the quarter.
Trading desks at big US banks, including Citi, had a busy first quarter as volatility rocked global markets in February, in contrast to a calm 2017 that weighed on trading revenue.
Larger rival JPMorgan Chase & Co also reported a 26% increase in equities trading revenue today.
Citi said its net income rose 13% to $4.62 billion in the first quarter ended March 31.
Earnings per share was $1.68, topping analysts' average estimate of $1.61, according to Thomson Reuters.
"Our first quarter results demonstrate strength and balance across our franchise and position us well for the rest of the year," Citi's chief executive Mike Corbat said in a statement.
Total revenue rose about 3% to $18.87 billion, while operating expenses rose 2% to $10.92 billion.
The rise in equity markets revenue offset a 7% drop in Citi's bigger fixed income trading business. Combined, the two were up 1%.
Return on tangible common equity, a measure of profitability, reached 11.4% partly to the company having had to mark down its equity value in the fourth quarter because of the tax law change.
