Citigroup's Q1 earnings exceed expectations, shares surge.
TL;DR
Citigroup's Q1 net income rose 7% to $4.6 billion, or $2.19 per share, due to higher interest income from borrowers paying interest on loans. However, the bank set aside $241 million in provisions amid a slowing economy. Investment banking revenue sank 25% from a year ago, and the bank slipped to ninth position in the list of financial advisors based on deal value.
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