Citigroup beats on earnings, revenue; stock rises

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NEW YORK Citigroup (C) says it beat analysts' estimates for first-quarter earnings and revenue thanks to strength in its investment banking business. The bank also released funds it had set aside for bad loans.

Citi's stock rose in pre-market trading.

The bank made $4 billion, up 17 percent from a year ago, after stripping out the effects of an accounting charge. Per share, that amounted to $1.29, beating the $1.17 that analysts polled by FactSet were expecting.

Revenue was $20.8 billion after stripping out the accounting charge, up 3 percent from a year ago. That also beat the $20.2 billion that analysts had expected.

Citi's stock rose 1 percent to $45.2 in pre-market trading even while stock index futures were down.