updated 4/15/2005 10:41:29 AM ET 2005-04-15T14:41:29

Citigroup Inc., the world's largest financial services firm, said Friday that first-quarter earnings rose 3 percent from a year ago, helped by 10 percent growth in corporate and investment banking revenue.

Net income rose 3 percent to $5.44 billion, or $1.04 per share, in the January-March period from $5.27 billion, or $1.01 per share, a year ago. Income from continuing operations also grew 3 percent to $5.17 billion, or 99 cents per share, in the latest quarter. Earnings from continuing operations exclude the results of its Life Insurance and Annuities and Argentine pension business, which are subject to a pending sale transaction.

The company said first-quarter results include a $272 million charge for repositioning costs, a $109 million loss on the sale of manufactured housing loans, a $111 million gain on the sale of a transportation finance business and a $72 million gain related to the resolution of litigation involving Golden State Bancorp.

Revenue climbed 6 percent to $21.5 billion from $20.3 billion a year ago, driven by retail banking, fixed income markets and transaction services.

Analysts surveyed by Thomson Financial were looking for the company to report operating profit of $1.02 per share on sales of $22.73 billion in the latest quarter.

In addition, Citigroup's board authorized up to $15 billion in additional share repurchases, boosting the company's total authorization to $16.3 billion.

Copyright 2005 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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