For the first quarter of 2018, Citigroup’s net income rose to $4.6 billion, or $1.68 per diluted share, on revenues of $18.9 billion from a net income of $4.1 billion, or $1.35 per diluted share, on revenues of $18.4 billion for the first quarter 2017.

Revenues rose 3% on a yoy basis boosted by Institutional Clients Group (ICG) as well as Global Consumer Banking (GCB) rise which partially offset by lower revenues in Corporate / Other mainly on the back of the ongoing wind-down of legacy assets. As a result, the stock lost over 2.2% on April 13th, 2018 (As of 1:53 PM GMT-4; Source: Google finance). Net income rose 13% yoy to $4.6 billion boosted by the higher revenues and a lower effective tax rate. Earnings per share surged 24% yoy to $1.68 against $1.35 per diluted share in pcp boosted by rise in net income and a 7% reduction in average diluted shares outstanding.

Citigroup revenues rose 3% yoy to $18.9 billion during the period boosted by 7% aggregate growth in GCB and ICG, which was partially offset by a 51% fall in Corporate / Other, mainly on the back of the ongoing wind-down of legacy assets. GCB revenues rose 7% yoy to $8.4 billion boosted by growth across all regions and the impact of the Hilton portfolio sale in North America Citi-Branded Cards9.

North America GCB revenues rose 4% yoy to $5.2 billion boosted by better revenues across all businesses. Retail banking revenues surged 4% yoy to $1.3 billion boosted by ongoing growth in deposit margins, growth in investments and loans, and better commercial banking activity. The Citi-Branded Cards revenues rose 6% yoy to $2.2 billion enhanced by the sale of the Hilton portfolio. Revenues were roughly flat Excluding Hilton, as growth in interest-earning balances was offset by higher cost of funds. Citi Retail Services revenues rose 2% yoy to $1.6 billion driven by ongoing loan growth.

Asian segment delivered a solid performance, with Asia GCB net income rising 11% to $1.9 billion. Revenues rose 7% in constant dollars. Retail banking revenues enhanced 8%, boosted by solid growth in wealth management and a modest one time gain. ICG revenues rose 6% yoy to $9.8 billion driven by Treasury and Trade Solutions, Private Bank, Corporate Lending, Equity Markets and Securities Services.